IFS director Paul Johnson's verdict:

Jeremy Corbyn expresses disappointment the government didn't do more on Universal Credit.

He calls on the government to "pause and fix" the scheme, which is merging six benefits into one payment.

Chancellor Philip Hammond announced an easing of the current six-week wait for payments of universal credit.

Couple of points we didn't quite have time for during the chancellor's speech.

Solving the housing challenge takes more than money, the chancellor says, looking to planning reform.

This will focus on the urban areas - where, he says, people want to live and where most jobs are created.

Mr Hammond wants to use urban land, but protect the Green Belt: "In particular, building high quality, high density homes in city centres and around transport hubs".

He wants to ensure councils in high-demand areas permit more homes for local first-time buyers and affordable renters.

The chancellor also announces a review of the gap between planning permissions being granted and housing building starting. It will report for next Spring's economic statement.

Labour leader Jeremy Corbyn is now on his feet to respond, calling the Budget a "record of failure with a forecast of more to come".

And that's it: Philip Hammond sits down after an hour on his feet.

The Treasury has just published Mr Hammond's speech - it is available to read here, external.

In what is probably the eyecatching announcement of the Budget, tirst-time homebuyers will no longer have to pay stamp duty for properties of up to £300,000.

The chancellor announces he is abolishing the charge from today.

It will also be available on the first £300,000 of the purchase price of properties up to £500,000.

The chancellor commits to £44bn for housing through capital funding, loans and guarantees.

That follows reports that Communities Secretary Sajid Javid had pushed for an extra £50bn to tackle the housing shortage.

Mr Hammond says the funds will include an extra £2.7bn to more than double the Housing Infrastructure Fund.

Image source, Getty Images

Duty on alcohol is being shaped by health consequences.

The chancellor says duty will rise on "cheap, high strength, low quality products – especially so-called white ciders".

But recognising household budget pressures and backing pubs, he says duties on other ciders, wines, spirits and on beer will be frozen.

Meanwhile, short-haul Air Passenger Duty rates will be frozen, but there will be an increase on premium class tickets - and on private jets. He mock-apologises to Formula 1 champion Lewis Hamilton.

The chancellor says it "cannot be right" to leave properties empty "when so many are desperate for a place to live".

Local authorities will now have the power to charge a 100% council tax premium on empty properties.

The government is also launching "a consultation on barriers to longer tenancies in the private rented sector, and how we might encourage landlords to offer them to those tenants who want the extra security".

On rough sleeping, he says it is "unacceptable that in 21st century Britain there are people sleeping on the streets". The government will invest £28m in three new “Housing First” pilots in the West Midlands, Manchester and Liverpool in response.

And the government will establish a homelessness taskforce in a bid to halve rough sleeping by 2022 and eliminate it by 2027.

Reality Check

The chancellor says the government has "raked in an extra £160bn over seven years" as a result of HMRC's compliance work over the last seven years.

It's a tricky figure with high uncertainty - you can read more about it here.

In particular, it's not all money that's been "raked in" - lots of it is money that HMRC reckons would have been lost in the future if action had not been taken.

The chancellor has faced pressure to tackle offshore tax avoidance after the Paradise Papers leak earlier this month.

Mr Hammond says HMRC will start to charge more tax on royalties relating to UK sales when those royalties are paid to a low tax jurisdiction, raising about £200m a year.

"This does not solve the problem… …but it does send a signal of our determination," he says.

Political editor Laura Kuenssberg comments:

In business rates, the switch from the retail prices index (RPI) to the consumer prices index (CPI) is brought forward by two years, to April 2018.

The move is worth £2.3bn to businesses over the next five years, the chancellor says.

He also announces measures to solve the "‘staircase tax" - extending the £1,000 discount for pubs with a rateable value of less than £100,000 for another year to March 2019.

Future revaluations will now take place every three years.

The point at which small businesses pay VAT will be kept at £85,000, the chancellor says.

There had been speculation Mr Hammond might lower the threshold to bring it in line with other European countries.

He says: "I will consult on whether its design could better incentivise growth and in the meantime we will maintain it at its current level of £85,000 for the next two years."

Philip Hammond says he recognises the "NHS is under pressure right now".

To help ease the burden, he says he's giving an extra £2.8bn to the health service in England. Of that, £350m will be for this winter, and then the rest in 2018 and 2019.

He says this comes on top of other funds already announced, meaning a £7.5bn increase in the NHS budget.

The chancellor confirms tobacco tax will continue to rise at inflation plus 2%. That could see the cost of cigarettes rise by about 6%.

Rises to the National Living Wage from April are confirmed. It will rise 4.4%, from £7.50 an hour to £7.83 - giving full-time workers a further £600 pay increase.

BBC economics editor Kamal Ahmed tweets:

There is money for the nations. Decisions within this budget mean, he says, £2bn more for the Scottish Government; £1.2bn more for the Welsh Government and over £650m more for the Northern Ireland Executive.

On Scottish development funding, he says: "I can confirm that progress is being made on city deals for Tay Cities and Stirling, and on a growth deal for the Borderlands."

And quips: "Mr Deputy Speaker, I am getting used to the new experience of having my ear bent by my 13 Scottish Conservative colleagues, most recently on the issue of Scottish Police and Fire VAT."