Chancellor Rachel Reeves tells the BBC she would not want to repeat the £40bn tax rise Budget and she wants faster growth than has been forecast by the Office for Budget Responsibility (OBR)
Employers will bear the brunt of the £40bn in tax rises unveiled earlier by Reeves - the biggest increase in a generation
The OBR, which assesses the health of the UK's economy, said the package of economic measures unveiled by Reeves would ultimately "leave GDP largely unchanged in five years" - read the key announcements here
Analysis: This is what you might call a kitchen-sink Budget, which includes one of the biggest single tax-raising measures in history, writes economics editor Faisal Islam
On spending, Reeves announces a £22.6bn increase in the "day-to-day health budget" for the NHS and £5bn in house building investment
Reacting to the Budget, Tory leader Rishi Sunak calls it "an enormous borrowing spree" which contains "broken promise after broken promise"
Chancellor says Budget will raise taxes by £40bn
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 ParliamentPrime 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.
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.
Image source, PA MediaThe 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, ReutersRachel 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.
Chris Mason
Political editor
Morning from Downing Street. The hanging baskets are looking in pretty decent nick for this stage of autumn.
The cameras, tripods and photographers’ step ladders are here. And now there’s a helicopter buzzing about overhead too.
We are waiting for Rachel Reeves - and a genuine moment of history.
Hundreds of chancellors, for century after century, have delivered a Budget.
But never before has that chancellor been a woman.
Image source, ReutersPM Keir Starmer and Chancellor Rachel Reeves in Downing Street on Monday
Prime Minister Keir Starmer has posted on social media ahead, external of the first Labour Budget in almost 15 years.
He says: "This is a huge day for Britain.
"After 14 years of decline, we will invest in our country - rebuilding our schools, hospitals and roads.
"We won't shy away from the tough decisions to grow our economy and protect working people's payslips. There is a brighter future ahead."
Image source, Getty ImagesTax increases for the hospitality sector will “simply be a tax on jobs”, says Simon Emeny, the chief executive of Fuller’s Pubs and Hotels.
"I can’t see how that’s going to stimulate any investment and how that’s going to translate to any growth in the economy," he says.
Emeny says he is hoping for a reform of business rates, which he says was in the Labour Party’s manifesto.
He adds the industry is struggling, and is pessimistic about the outlook improving once the Budget is announced.
"If you look at the stats across the sector, pubs are closing on a weekly basis and I can’t see that today’s budget is going to help that situation," he says.
Dearbail Jordan
Business reporter
There have been a lot of news stories about Labour wanting to change how debt is measured. This is so it can meet its own rule which is to have debt falling as a share of the economy in five years’ time.
The idea is it will allow Labour to borrow more to spend on investment in the UK. So what does this mean?
Think of it this way: You lend a chum £10,000. You then decide you’d like to get a loan from a bank. You could borrow against your home but then think you’d like a bit more money. You know you’re going to get that 10 grand back so you borrow against your home and the money you lent your friend.
For the government, that means it will now borrow against things like student loans which graduates pay back over many years. And it means, Rachel Reeves could potentially borrow up to £50bn more.
Dharshini David
Chief economics correspondent
Fiscal drag, a process of freezing of thresholds at which different rates of taxes on income (both income tax and national insurance) apply rather than increasing them annually with inflation, was put into place by the previous government, to last between 2022 and 2028.
As incomes rose, that created three million new taxpayers and pulled more than two million into higher rate tax bands - and higher tax bills for millions more. It’s netted the Treasury over £20bn already. Rachel Reeves is not only expected to maintain that – but to extend the policy by a further two years.
So a worker on a salary of £30,000, a basic rate income tax payer, would pay £160 more in taxes on income in 2030 than otherwise. And someone on £51,000 will pay over £400 more.
A short while ago, Keir Starmer's top government ministers headed into No 10 for what's presumably a pretty jampacked Cabinet meeting.
Next up, we'll see Chancellor Rachel Reeves leave 11 Downing Street - her official residence next door to Starmer in No 10 - with the signature Red Box in tow.
The PM will then head to his weekly Prime Minister's Questions (PMQs) session at the House of Commons, which runs between 12:00 and 12:30 GMT, before Reeves delivers the Budget.
It's a busy day but be rest assured we'll bring you all the latest with timely updates and analysis. Stay tuned.
Nicole Healing rents a one-bed flat in Brighton for £1,250 a month.
Nicole previously worked as a civil servant and in digital marketing, but hasn't been able to work for the last few years due to several disabilities, including a connective tissue disorder that causes their joints to dislocate.
Nicole receives Employment and Support Allowance of £1,042, Personal Independent Payments of £798, and Housing Benefit of £917 per month.
Though they feel in a "fortunate position" currently, Nicole says: "I feel I am at the mercy of the DWP."
Nicole is "completely freaking out" about possible cuts to benefits and what that could mean for them. Government sources have confirmed Labour is looking to “deliver savings” on the amount it spends on welfare in today’s Budget.
“I am fearful about the negative rhetoric in the media about disabled people in receipt of benefits.
"They say their energy bill has gone up significantly in the last few years and they are worried their rent will also increase.
“I am not able to use my PIP for what it’s meant to be used for. Half of the payment goes towards my rent."
Nicole wants the Budget to clarify what support is planned for disabled people, and is hoping for a cap on energy bills this winter.
Much has been made of the government’s controversial decision to restrict winter fuel payments to all but the poorest pensioners.
Allana Lamb is a couple of pounds over the threshold for pension credit so will no longer get the fuel payment.
"I am very concerned about the government stopping it. Yes, [the state pension] is triple locked but it doesn't cover the cost of living,” says Allana, who is an army and navy veteran and a retired social worker.
She feels "the rich are going to get richer" from this Budget and that "those at the bottom of the pile or on the cusp of the bottom" will be hit with more taxes.
Allana gets both the full state pension and a small army pension, totalling £1,200 a month. She says her income isn't enough for all of her outgoings, and expects her mortgage to "virtually double" in the next few years. "That’ll put me in negative monthly outgoings," she says.
Allana also thinks the threshold for getting some council support to pay for social care costs should be raised. Currently people with assets up to £23,250 qualify. Labour has already scrapped plans to increase this.
We've been speaking to people with a range of incomes about what they want to see from Rachel Reeves.
Kirsty Brett works part-time as a cleaner in a care home, earning the minimum wage of £11.44 an hour.
She recently moved in with her sister in Bury St Edmunds in Suffolk while she looks for new accommodation, after leaving her old job as a carer in Essex. Kirsty has osteoporosis, which made her work difficult, and also found it too expensive living in Essex.
On Tuesday, the government announced that the National Living Wage would rise to £12.21 in April, but Kirsty is disappointed it's not a bigger increase.
"That is not even £1 more. Everyone will appreciate it but it will not make a difference to people because of the cost of living.
"People should be paid at least £15 an hour. Because the cost of living has gone up. That would help a lot of people.
"The wage they class as minimum wage – I don’t see how it sustains someone."
She is now looking at "the cheapest options" for somewhere to live. She says she's found renting a one-bedroom flat costs about £1,300 a month, so Kirsty is instead looking at renting a caravan for around £800 a month.
Find out more about the National Living Wage and the National Minimum Wage here.
Nick Triggle
Health Correspondent
Image source, ReutersAlongside the Budget, the NHS is expecting an announcement about funding.
Extra money is expected to be released for the coming months and for the next financial year.
Historically the budget has risen by 3% to 4% a year above inflation.
After a decade of rises averaging 1% to 2% extra during the 2010s, the last five years has seen increases closer to that historical average.
Will Labour go further? Its promise to create an extra 40,000 appointments and operations a year to tackle the backlog and the pressures building ahead of winter means the NHS has been making the case for it.
But despite promises earlier this week of extra money for equipment, the overall funding package is still unclear.
Many experts doubt the government will be able to go much further than the traditional 3% to 4% extra given pressure on public finances.