The Chancellor confirms funding for 40,000 new homes and announces a large-scale pilot to give the right to buy to housing association tenants.

"We will focus government infrastructure investment to unlock land for housing with a new £2.3bn Housing Infrastructure Fund to deliver infrastructure for up to 100,000 new homes in areas of high demand.

"And, to provide affordable housing that supports a wide range of need, we will invest a further £1.4bn to deliver 40,000 additional affordable homes. And I will also relax restrictions on government grant to allow providers to deliver a wider range of housing types," Mr Hammond says.

"I can also announce a large-scale regional pilot of Right to Buy for Housing Association tenants - and continued support for homeownership through the Help to Buy: Equity Loan scheme and the Help to Buy ISA."

Pantheon Marcroeconomics' Samuel Tombs tweets:

Philip Hammond pledges more than £1bn for broadband and 5G - a move trailed earlier this week.

"My ambition is for the UK to be a world leader in 5G. That means a full-fibre network; a step-change in speed, security and reliability," he says. 

The government will also offer business rates relief on new fibre infrastructure from April, Mr Hammond adds.

Spectator political editor James Forsyth tweets:

Image source, PA

The key points at-a-glance from the Autumn Statement as Philip Hammond speaks.

Raising productivity is essential for the "high wage, high skill economy we want", Philip Hammond says.

The productivity gap is well known, but shocking nonetheless: we lag the US and Germany by some 30 percentage points. 

"But we also lag France by over 20 and Italy by 8. Which means in the real world, it takes a German worker 4 days to produce what we make in 5; which means, in turn, that too many British workers work longer hours for lower pay than their counterparts," Mr Hammond says.

The Chancellor says the UK needs to become more productive, so that wages can rise and people can enjoy higher living standards. 

To help with that, he announces a National Productivity Investment Fund of £23bn to be spent on innovation and infrastructure over the next five years. 

"Investing today for the economy of the future," he says.  

The Chancellor reiterates earlier government announcements, saying the government no longer seeks to return the economy to a surplus in 2019/2020.

"But the prime minister and I remain firmly committed to seeing the public finances return to balance as soon as soon as practicable, while leaving enough flexibility to support the economy in the near term."

The government will publish a draft charter for budget responsibility with three fiscal rules.

"First, the public finances should be returned to balance as early as possible in the next parliament, and in the interim cyclically adjusted borrowing should be below 2% by the end of this parliament."

Second, public sector net debt as a share of GDP must be falling by the end of this parliament, and third, that welfare spending must be within a cap set by the government and monitored by the OBR.

Philip Hammond accepts that debt will rise until 2018/19, when it is expected to fall for the first time since 2002 - and it will continue to fall thereafter.

However, the Chancellor takes the opportunity to bash his shadow counterpart. 

He says John McDonnell has "outperformed Ed Balls in the fiscal incontinence stakes", and claims he would be borrowing much more if he was in power.

Economics editor Kamal Ahmed tweets:

Philip Hammond says the deficit - as measured by public sector net borrowing as a percentage of GDP - will fall from 4% last year to 3.5% this year. 

It is forecast to continue to fall over the next five years, reaching 0.7% in 2021-22. 

"This will be the lowest deficit as a share of GDP in two decades," he tells MPs. 

You can watch the Autumn Statement and Labour’s response live on our Facebook page, external, with online analysis from Today presenter and former political editor Nick Robinson, and BBC business correspondent Joe Lynam.

The government has no plan to make further welfare savings funding this parliament, Philip Hammond says to muted reaction from MPs in the House.

Philip Hammond says the Office for Budget Responsibility forecasts economic growth of:

2.1% in 2016 - up from 2% it forecast before the EU referendum

1.4% in 2017 - down from 2.2%

1.7% in 2018 - down from 2.1% 

2.1% in 2019 - equal to previous 2.1% forecast

"While the OBR is clear that it cannot predict the deal the UK will strike with the EU, its current view is that the referendum decision means that potential growth over the forecast period is 2.4 percentage points lower than would otherwise have been the case," the Chancellor says. 

The Chancellor says improving productivity  - across the UK - is a key aim, along with protecting fiscal stability. 

He praises George Osborne, his predecessor, for his work in this area but says "times have moved on".

Today's OBR forecasts will show growth will be higher than previously thought next year, but just 1.7% in 2018 because of greater uncertainty and higher inflation. 

"That is lower than we would like," he says, "but still higher than many of our European neighbours". 

Philip Hammond pays tribute to former chancellor George Osborne, saying:

"My style will be different from his. I suspect that I will prove no more adept at pulling rabbits from hats than my successor as foreign secretary has been at retrieving balls from the back of scrums...

He took over an economy with the highest budget deficit in our postwar history……and brought it down by two-thirds. That is a record of which he can be proud. But times have moved on. And our task now is to prepare our economy to be resilient as we exit the EU."  

The Chancellor says the government wants to ensure the UK economy is "match-fit" for the transition that will follow the Brexit vote. 

"So we will maintain our commitment to fiscal discipline", he says, "while recognising the need for investment to drive productivity".

The Chancellor, Philip Hammond, has begun delivering his first Autumn Statement to MPs in the House of Commons.

Our political editor tweets: