Summary

  • Get in touch: bizlivepage@bbc.co.uk

  • BUDGET KEY POINTS

  • "Era of austerity is finally coming to an end," he says

  • New UK digital services tax on revenues of tech giants from 2020

  • Predicts meeting his structural borrowing target three years early

  • 2018 growth forecast upgraded from 1.3% to 1.6%

  • Budget deficit forecast for 2018/19 cut to £25.5bn from £37.1bn forecast in March

  • Tax on import of plastic packaging which contains less than 30% recycled plastic

  • Government abolishes use of Private Finance Initiative

  • Extra £1bn in defence spending to boost cyber capabilities

  • Extra £420m to repair potholes

  • Additional £500m set aside to prepare for a no-deal Brexit

  • Annual Investment Allowance increased from £200,000 to £1m for two years

  • Personal allowances and higher rate threshold raised - a tax cut for 32 million people, he says

  • An extra £160m for counter-terrorism police

  • Confirms an extra £20.5bn for the NHS over the next five years

  • £60m for planting trees in England

  • A further £500m for the Housing Infrastructure Fund

  • Duties: Fuel, beer, cider, spirits tax frozen

  • 1.2% annual average growth in departmental spending promised

  • Hammond finishes Budget speech after 1hr 12mins

Live Reporting

Chris Johnston, Katie Hope, Simon Read and Russell Hotten

  1. How will we know if austerity is over?

    Ed Conway is economics editor at Sky News.

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  2. Majority don't trust Chancellor to deliver achievable Budget - poll

    Philip HammondGetty Images

    Only 26% of people believe Mr Hammond will reveal "an achievable Budget with the right balance of taxation and spending", according to a survey by reputation consultancy Lansons.

    One third of more than 2,000 respondents said they'd like to see taxes and borrowing increase, so more could be spent on public services.

    The most popular measures mentioned by respondents included increased NHS spending and the introduction of a high stamp duty for foreign home buyers.

  3. FTSE 100 climbs back to 7,000

    LSEAFP

    The FTSE 100 has made steady gains this morning, climbing 90 points and breaking the 7,000 mark.

    However, currency markets are relatively subdued. Sterling has nudged up 0.1% against the euro to £1.12, remaining near three-and-a-half-week lows.

  4. Some suggestions for the new 50p piece

    So, readers have been telling us who they would like to see on the new Brexit 50p piece - and some suggestions are more than a little tongue in cheek.

    Barry writes: "Surely it should have Boris's face on both sides? A two-faced Boris would be appropriate..."

    Chris says it should be Jacques Delors - the French politician who served as the eighth President of the European Commission from 1985 to 1995 - as this would please "all those who think we should leave EU".

    Meanwhile Patricia says she "strongly believes" it should be Theresa May.

    "If she manages to get a Brexit agreement, it will be a great triumph for a WOMAN... I hope common sense and real negotiation bring about Brexit."

  5. Budget should be 'upbeat'

    BBC Business Live

    Gerard Lyons

    Gerard Lyons, chief economic strategist at Netwealth, says steady economic growth should give Philip Hammond cause for feeling upbeat about today's Budget.

    Mr Lyons added there's "a lot more room for manoeuvre", with a spending increase more likely to be on the cards than an increase in taxes.

  6. Health Secretary defends NHS spending pledge

    Today Programme
    BBC Radio 4

    Matt HancockGetty

    Health Secretary Matt Hancock has defended the Conservatives' pledge to allocate £20bn to the NHS over the next five years.

    The Institute of Fiscal Studies has said the party's financial commitment is still lower than levels seen over the last 60 years.

    But Mr Hancock said that NHS spending increases in the past "have been to a degree frittered away".

    "What really matters is we both put the money in and we spend it wisely."

  7. Another rise in the tax-free personal allowance?

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  8. We're very close to a final Brexit deal - Barroso

    Today Programme
    BBC Radio 4

    Jose Manuel BarrosoGetty Images

    Jose Manuel Barroso says we're very close to a final deal on Brexit.

    The former president of the European Commission also said he believes the EU is open to compromise and that "it's not the end of the world if we need more time."

    Mr Barroso added that political infighting within the UK has been the biggest barrier to a deal so far and that, from an outsider's point of view, tensions over Brexit are parochial.

    "What's at stake for the future is so important. There will be no more important country for the EU than the UK, and there will be no relationship more important to the UK than with the EU," he told Today.

  9. Whose face should adorn new 50p coin?

    A commemorative 50p was issued when the UK held the presidency of the EU 1998PA

    A commemorative 50p was issued when the UK held the presidency of the EU 1998

    A commemorative 50p coin will be issued to mark the UK's departure from the European Union (EU) next year.

    According to The Sun, the coin will feature the Queen's head and the date 29 March 2019 and on the reverse the phrase "Friendship with all nations".

    Philip Hammond is expected announce more details in Monday's Budget speech - and it's got us here at Business Live thinking.

    Could the reverse side of the coin feature someone else's face? And if so, whose should it be?

    We'd love to hear your thoughts, so please get in touch: bizlivepage@bbc.co.uk

  10. HSBC leads FTSE 100 higer

    Lender HSBC is the top performer on the FTSE 100, after publishing a strong set of third quarter results.

    It's up 4.1%, followed by Royal Mail, up 2.1%, pharma giant Shire, up 2%, and BA owner IAG, up 1.9%.

    The London market is up 0.6% at 6,983.01 points.

  11. Law firm in Green scandal buys rival

    Sir Philip GreenGetty Images

    Law firm Gordon Dadds has acquired rival Ince & Co for an estimated £34m, creating the UK's largest listed legal firm by revenue .

    Gordon Dadds has come under the spotlight recently, after it was hired by the Daily Telegraph to fight an injunction by Topshop boss Sir Philip Green. The tycoon had tried to stop the newspaper publishing allegations of racial abuse and sexual harassment against him.

    Lord Hain, who last week named the businessman in the House of Lords, has been criticised for failing to declare he's also a paid advisor to Gordon Dadds.

    The newly-merged outfit, based in London, will be called Ince Gordon Dadds LLP.

  12. HSBC comments on Khashoggi scandal

    Khashoggi protestGetty Images

    Saudi Arabia is unlikely to see significant impact on its foreign trade and investment flows following the killing of journalist Jamal Khashoggi, the head of HSBC has said.

    "It has been a difficult few weeks for the kingdom, this has not been good for Saudi Arabia," John Flint told Reuters. "I understand the emotion around the story, but it is very difficult to think about disengaging from Saudi Arabia given its importance to global energy markets."

    Mr Khashoggi, a Washington Post columnist and a critic of Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman, was killed in the Saudi consulate in Istanbul on 2 October.

    His death sparked global outrage, while many global companies made a show of protest by withdrawing their top executives (Mr Flint himself pulled out) from a high-profile investment conference in Riyadh last week.

  13. FTSE 100 opens higher

    The London market has opened higher, rebounding from a slump on Friday.

    About five minutes after the bell it is up 0.7% at 6,986.19 points.

  14. New tech tax 'unlikely' in Budget

    BBC economics editor tweets...

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  15. Chancellor will put 'sticking plaster' on Universal Credit

    Today Programme
    BBC Radio 4

    Anneliese DoddsGetty Images

    Labour's Anneliese Dodds

    Labour MP Annelies Dodds says austerity hasn't hit everyone in Britain, with corporations and high-earners benefiting from tax cuts.

    "We need to stop our tax system being so regressive, hitting lower earners more than the top earners," she told Today.

    The MP for Oxford East also said cuts to benefits like Universal Credit have left large numbers of people in poverty, adding that it's unlikely any reforms would be announced in today's Budget.

    "The Chancellor may find some money up his sleeve to try and put a little bit of sticking plaster on Universal Credit but he's not looking at radically reforming it and that's what it really needs."

  16. Apple launches probe into 'student worker' claims

    Apple watchGetty Images

    Apple has launched an investigation into its supply chain after Sacom, a Hong Kong-based human rights group, said one of its suppliers was illegally employing students in China, according to the Financial Times.

    The report suggested Apple was manufacturing Apple Watches at its Quanta Chongqing facilities using "significant" numbers of workers aged 16-19 years.

    It also said working conditions for the interns at the factory broke Chinese rules.

  17. Profits surge at HSBC

    HSBCGetty Images

    Third quarter profits jumped 28% at HSBC, driven by a strong showing from its retail and wealth management units.

    The lender reported profit before tax of $5.9bn for the three months to 30 September, beating expectations.

    HSBC is Europe's biggest bank, but earns most of its profits from Asia. Last year, it overhauled its business to focus more on high-growth Asian markets while downsizing in other countries.

    New boss John Flint said: "We are doing what we said we would - delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs."

  18. IBM inks $34bn deal to buy Red Hat

    IBMGetty Images

    IBM has agreed to buy software company Red Hat for $34bn - its biggest acquisition ever.

    The move is aimed at helping IBM boost its cloud software offerings to revive the business, commentators said.

    Founded in 1993, Red Hat specialises in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft.

    The acquisition shows how older technology companies are turning to dealmaking to gain scale and fend off competition, Reuters reported.

  19. Breaking: Chancellor has a mug with his name on it

    Mirror politics reporter tweets...

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  20. Budget must go 'beyond Birmingham'

    Today Programme
    BBC Radio 4

    TrainGetty Images

    Professor Simon Collinson at the University of Birmingham says that the key ask from the budget is about infrastructure.

    “We need to finish Hs2. There's fears about phase two...It's absolutely critical - you’ve got to trigger the catalyst around the transport hubs for regional growth beyond and above Birmingham."