Faisal Islam
Economics editor

I'm hearing the Office for Budget Responsibility (OBR) report does conclude it would have forecast higher spending at the last Budget if it had received all the details on pressures from previous government.

This will be seized upon by the chancellor, but a crucial question is the extent - would this have led to a breach of the then fiscal rules? Perhaps not.

It seems unlikely the OBR itself will point a finger of blame here, but expect to hear a lot of this in the speech.

Henry Zeffman
Chief political correspondent

Today will be a day of intense politics but that was a striking moment of bipartisan warmth from Sir Keir Starmer towards Rishi Sunak, and in return.

Sunak will be replaced as Conservative leader by either Kemi Badenoch or Robert Jenrick on Saturday, but today will be his last significant duties in the role.

Note, he won’t just be doing PMQs today — by convention the leader of the opposition rather than the shadow chancellor delivers the main response to the Budget too.

That will suit Sunak well as a former chancellor as well as an ex-PM.

Sunak is adamant that despite some speculation he will remain an MP. But this is the end of his career in frontline politics, which saw a stunningly fast rise from junior minister in 2018 to chancellor in 2020 to prime minister in 2022.

Image source, PA Media

For his final question, Sunak turns to the festival of Diwali.

He says he is proud to have been the first British-Asian prime minister, but is "even prouder that it was not that big a deal".

He says that speaks volumes about this country, and asks whether the prime minister would join him in applauding the "kindness, decency and tolerance that has always been the British way".

"Yes," replies Starmer, and reiterates that everyone in the House was proud of Sunak as prime minister.

He jokes about how quickly the Conservative Party goes through party leaders, saying Sunak "may be back here before too long".

Sunak now mentions threats to UK from what he calls an axis of authoritarian states.

He says he is proud of how the House of Commons has stood up to Russia in Ukraine, and says he will always be grateful for Starmer's support on the issue.

He now asks Starmer to ensure that Nato remains the bedrock of western security and that the UK will continue to play a leading role in it.

Starmer says Nato is as important today as when it was created and that the UK would always support it.

Sunak now asks about Northern Ireland, which he says needs "particular care".

He references the parliament there, restored earlier in this year, and asks if Starmer can give his assurances that he will keep Stormont open and running.

Starmer says this is an "important point", and says he worked there for five years and had a "huge impact" on him.

He says he agrees the government needs to be "up and running" and will give "all the support" he can.

Image source, PA Media

Sunak now turns to cricket, saying the sport has the power "to bring people together from all communities".

He asks the PM whether he will continue support a new initiative to get cricket into more state schools across the country.

"Yes is the answer to that question," Starmer replies. He says it is really important for children to participate in different sports because it gives them "a confidence that they might not otherwise have".

Sunak asks the prime minister if he would “find his inner tech bro” and continue to support emerging tech businesses in the UK.

Starmer responds by saying that his government has brought together AI leaders and that tech will have “huge potential” for the country’s growth.

Starmer jokes that he thought Sunak would ask him to join him on his walks in Yorkshire.

He adds that the coast to coast trail is indeed an important issue and that he will meet with him.

Image source, UK Parliament

Up now is Rishi Sunak, former prime minister and current leader of the Conservative party.

He says he will be spending more time in the "greatest place on Earth" - Yorkshire.

He asks Starmer to meet to discuss the Yorkshire coast to coast trail.

The whole room laughs.

The Speaker also mentions that this is the last time former prime minister Rishi Sunak will appear at PMQs, as a new Conservative Party leader is due to be selected on 2 November.

Now, Prime Minister Keir Starmer kicks things off by thanking Sunak "for his service" to the country, and wishes his family well for the future.

Speaker Sir Lindsay Hoyle begins with a statement, reminding MPs not to say anything that could prejudice the trial of the person accused of murdering three young girls in Southport in July this year.

Nick Eardley
Political correspondent

The Budget in 30 minutes will be a moment of history - the first time a female chancellor will deliver the speech.

Rachel Reeves has just arrived in the Commons.

Among those in the gallery today is one of three female former PMs - Baroness (Theresa) May.

Image source, UK Parliament

Prime Minister's Questions is under way.

We'll be bringing you updates throughout as usual, before turning to the Budget straight after – stick with us.

Faisal Islam
Economics editor

I hear that a central message from the chancellor will be that this Budget, with its significant tax rise, will be a one-off designed to deal with a specific problem in the inheritance from the previous government, around underfunded public services.

This Budget will “wipe the slate clean on the fiscal fiction” of the previous government, sources suggest to me.

It means that the chancellor believes she has irrefutable evidence that the plans were never going to be delivered, perhaps hundreds of new examples.

The chancellor’s argument will lean heavily on the review from the Office for Budget Responsibility (OBR), which gives a month by month account of what the Treasury admitted about spending.

Emily Atkinson
Live page editor

We’ve already ticked off Rachel Reeves’ red box moment outside No 11 - the first of the big Budget day set pieces.

Next is Prime Minister’s Questions, from 12:00 GMT, often a tamer affair than usual before we're plunged into the Budget from 12:30.

As always, we're in it for the long haul, bringing you live updates and snap analysis on all the action.

With just 10 minutes to go, here are four key things you need to know:

Where's it all happening? The House of Commons

How long does it go on for? The chancellor will speak for around an hour. The Leader of the Opposition, Rishi Sunak, will then offer his response before MPs begin the typically days-long debate on the proposals.

Where can you watch it? It will be broadcast live on the BBC iPlayer and on this page - just tap watch live above.

What comes after that? The Office for Budget Responsibility will publish its latest economic and fiscal outlook, plus there will be analysis from economic think tanks like the Institute for Fiscal Studies.

Where does the £22bn black hole come from?published at 11:44 Greenwich Mean Time 30 October

11:44 GMT 30 October

By Anthony Reuben

The starting point for the tax rises expected in today’s Budget is the £22bn “black hole” in the public finances. We first saw that figure in a government publication in July, shortly after Labour came to office.

It does contain overspends for the current year, which the government can reasonably claim not to have known about, and there is a report due from the Office for Budget Responsibility on Wednesday about how that could have happened.

But there are also things that the government says need extra funding that organisations, such as the Institute for Fiscal Studies, say it should have known about during the election campaign.

You can read more about it here.

Image source, PA Media

The prime minister has left Downing Street in the last few moments and is making his way to Parliament.

He will take questions from the leader of the opposition Rishi Sunak - his last PMQs as Conservative Party leader - before Chancellor Rachel Reeves delivers the Budget at 12:30 GMT.

We'll be bringing you the latest updates and analysis from the Commons, and you can follow all the action by clicking watch live in our stream above.

Today’s Budget will be accompanied by a forecast from the independent Office for Budget Responsibility (OBR), which is the government’s spending watchdog.

It will predict whether the government will spend more money than it raises, and whether the UK's economy will grow or get smaller and what that means for living standards.

Then there will be analysis from economic think tanks, like the Institute for Fiscal Studies, which will study the measures in more detail and create their own report.

And, of course, we’ll have our team of experts on hand to translate the forecast and Budget speech for you here on this page.

Image source, Reuters

Rachel Reeves has just been photographed leaving 11 Downing Street, her official residence, with the traditional red box in hand.

Fresh out of a lengthy Cabinet meeting, the chancellor will now make her way to the House of Commons, where she'll deliver the Budget from around 12:30 GMT.

We'll be covering it live here, so stay with us.

Chris Mason
Political editor

Days like today bring campaigning and protest to Westminster.

So campaign group the Taxpayers’ Alliance has parked up outside Downing Street — to make a point about borrowing and the national debt.

And over the road from the van, right by the Downing Street gates, the PCS trade union are noisily making their case for workers in public services.