Mr Sunak says the Office for Budget Responsibility expects growth to be 0.5% higher over the next two years as a result of the packages he has announced.

"The GDP forecast without fully accounting for the impact of coronavirus would have led to growth of 1.1% in 2020 and 1.8% in 2021, then 1.5%, 1.3%, and 1.4% in the following years," he says.

The National Insurance threshold will be raised £8,632 to £9,500 next month, Mr Sunak says.

"That’s a tax cut for 31 million people, saving a typical employee £104," he announces.

Mr Sunak says the response to coronavirus has not yet been captured in the fiscal forecasts.

"But the House will also note that the target year for our current budget fiscal rule is not until 2022-23," he tells MPs.

"So even within our current framework, I have the flexibility to act as required over the next two years."

So how much is the government's response to coronavirus worth?

Chancellor Rishi Sunak summarises his Budget plans:

"Taken together, the extraordinary measures I have set out today represent £7bn to support the self-employed, businesses and vulnerable people.

"To support the NHS and other public services, I am also setting aside a £5bn emergency response fund - and will go further if necessary.

"Those measures are on top of plans that I will set out later in this Budget, which provide an additional fiscal loosening of £18bn to support the economy this year.

"That means I am announcing today, in total, a £30bn fiscal stimulus to support British people, British jobs and British businesses through this moment."

He says that the UK economy was facing a slowdown even before the coronavirus outbreak hit the country.

But he said that the Office for Budget Responsibility had said the government's “large planned increase in public investment should boost potential output".

"More investment and higher growth mean more jobs and higher wages. We already have more people working in our economy than ever before," he said.

Chancellor Rishi Sunak says:

"Museums, art galleries, and theatres; caravan parks and gyms; small hotels and B&Bs; sports clubs, night clubs; club houses, guest houses. They would not benefit from today’s measure – but they could be some of the hardest-hit.

"So, for this year, I have decided to extend the 100% retail discount to them as well.

"That means any eligible retail, leisure or hospitality business with a rateable value below £51,000 will, over the next financial year, pay no business rates whatsoever.

"That is a tax cut worth over £1bn, saving each business up to £25,000."

Rishi Sunak attempts to guide the UK economy through the outbreak as he delivers his first Budget.

The chancellor says:

"Our manifesto promised that for shops, cinemas, restaurants and music venues… with a rateable value of less than £51,000… we would increase their business rates retail discount to 50%.

"Today I can go further, and take the exceptional step, for this coming year, of abolishing their business rates altogether."

Mr Sunak has promised a £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief.

"This is a £2bn cash injection direct to 700,000 of our smallest businesses," he tells the Commons.

Reality Check

The chancellor is talking about the use of statutory sick pay (SSP) to support people isolating themselves because of coronavirus.

SSP is paid by employers, so self-employed workers are not eligible, but agency workers are. (There are other measures for the self-employed, who have to self-isolate, in this Budget).

You have to be earning at least £118 a week to qualify for it.

It is set at £94.25 a week, although of course employers may pay more if they want to.

To put that into context, average weekly earnings , externalin December last year stood at £544 a week.

Good news for small and medium-sized enterprises (SME) on Statutory Sick Pay (SSP).

Mr Sunak announces that a coronavirus loan scheme is to be introduced to cover the cost of salaries and bills will offer loans of up to £1.2m to support small and medium sized businesses.

"The government will offer a generous guarantee on those loans, covering up to 80% of losses, with no fees, so that banks can lend with confidence," he said.

"This will unlock up to £1bn of attractive working capital loans to support small businesses, with more as needed."

Following an announcement that the government will pay statutory sick pay from day one, rather than day four, Mr Sunak says "of course, not everyone is eligible for statutory sick pay".

"There are millions of people working hard, who are self-employed or in the gig economy. They will need our help too. So to support them, during this period, we’ll make it quicker and easier to get benefits."

The government will give the NHS "whatever extra resources" it needs during the coronavirus outbreak, Chancellor Rishi Sunak says.

"Whatever extra resources our NHS needs to cope with Covid-19 – it will get.

"So, whether it's research for a vaccine, recruiting thousands of returning staff, or supporting our brilliant doctors and nurses… whether it's millions of pounds or billions of pounds… whatever it needs, whatever it costs, we stand behind our NHS."

Following news that the Bank of England has reduced interest rates in an emergency response to the coronavirus, Mr Sunak said he had been in constant contact with the governor, Mark Carney.

He said the Bank and the government would take a two-pronged approach.

"Our responses have been carefully designed to be complementary and to have maximum impact, consistent with our independent responsibilities."

"The government’s response will use fiscal action to support public services, households and business."