Ione Wells
Political correspondent

Labour are very keen to point the finger of blame at the Tory party for the country’s current economic woes.

The chancellor was jeered by the Labour benches when he said the economic downturn was due to “global factors.”

There are audible heckles of “whose fault is that” and “will you say sorry” — a reference presumably to the mini-budget introduced by Kwasi Kwarteng and Liz Truss that spooked the markets and pushed up interest rates.

Jeremy Hunt got cheers from his own side when he said the government would be “compassionate”, but further jeers when he spoke about prioritising public services. It’s expected he will expect government departments to restrain their spending.

Hunt says global factors are the primary cause of current inflation.

He says most countries in the world are dealing with "the fallout from a once-in-a-century pandemic," stating that the furlough scheme, the vaccine roll out and response of the NHS "did our country proud".

"But they all have to be paid for," he adds.

He compares the UK's situation to other countries, stating that inflation is high everywhere.

On stability, Hunt says that "high inflation is the enemy" because it leads to higher prices, "higher mortgage rates and businesses failings... and causes industrial unrest and erodes savings." Inflation also hurts the poorest the most, Hunt says.

"We are not alone in facing these problems," but the UK is responding to global problems with British solutions, Chancellor Jeremy Hunt says.

He says his plan leads to lower energy bills and a "stronger health and education system".

Jeremy Hunt goes on to say that "our priorities are stability, growth and public services".

"We also want to protect the vulnerable", he adds, saying "to be British is to be compassionate and this is a compassionate government".

The Chancellor Jeremy Hunt starts his speech in the House of Commons, stating that in the face of "unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future.

"So today we deliver a plan to tackle the cost of living crisis and rebuild our economy," he says.

Ione Wells
Political correspondent

There’s a sense of deja vu here. It’s still only really a matter of weeks since we were all here last to hear Liz Truss and Kwasi Kwarteng’s “mini-budget” get outlined.

That budget was all about cutting taxes, this one will raise some.

Chancellor Jeremy Hunt hopes this budget will reassure markets that the government will get debt down, after the last budget spooked them.

But some impacts of that budget - such as interest rates going up and hitting people’s mortgages and debt repayments - are still being felt today.

Former PMs Boris Johnson and Theresa May are in the chamber, but no sign yet of Liz Truss.

Chancellor Jeremy Hunt is on his feet in the House of Commons, delivering his statement on the economy.

We know he is going to announce tens of billions in tax rises and spending cuts.

We will bring you all the key announcements, so stay with us.

The chancellor's Autumn Statement will set out his plan to stabilise the UK economy and reduce inflation, by announcing around £30bn in spending cuts and £24bn in tax rises.

The plan has been heavily trailed in the media, in order to make sure that the markets aren't taken by surprise today - a rather different approach to former Chancellor Kwasi Kwarteng when he announced the ill-fated mini-budget in September.

The markets are now looking for confirmation that the UK is restoring its economic reputation, putting government finances on a sound footing, according to the chief economic adviser of insurance giant Allianz, Mohamed El-Erian.

But as the BBC's political editor Chris Mason says, what sounds like good news to the financial markets could sound like bad news for millions of households, with many feeling the pinch as taxes rise and spending is cut.

Pete Saull
Political correspondent

I’m in central lobby, at the heart of the Houses of Parliament.

Jeremy Hunt just walked in, all smiles - and hugged a group of people who’d been waiting for him.

It turns out they are his close relatives, who’ve been invited to see what is arguably the biggest moment yet of his political career.

His brother, Charlie, tells me he’s never been in the House of Commons chamber before and is excited to witness the proceedings in person.

“We try to avoid politics at home”, he adds, “but it always comes up.”

I ask him if he can tell me anything about the contents of his brother’s speech.

"I haven’t got any tit-bits I’m afraid,” he says.

Newspaper headlines have been full of the "hole" the chancellor needs to fill.

But that hole isn't actually the annual shortfall - the difference between spending and tax. Rather, it's a future sum shaped by the government's own target.

The government can raise money to fund spending by borrowing on financial markets via bonds. To borrow at relatively low rates, it needs to persuade investors that it's a good bet.

So markets expect governments to draw up and meet rules about how much they will manage their debt, to prove that they are financially responsible.

The Autumn Statement will reveal those exact rules. But the government has indicated that it will bring down the size of the debt - the sum of all our outstanding annual deficits - relative to our national income in five years.

It's the extra money, we understand about £50bn, the government needs to meet that self-imposed target that's labelled the black hole; a hole that will be filled by higher taxes and squeezed spending.

Ahead of the autumn statement, Labour leader Keir Starmer says the Conservatives are holding the UK back.

In a tweet, he says the UK is "falling behind on the global stage while mortgages, food and energy costs all go up and up", adding that the country "needs a plan for growth".

We're going to hear from the chancellor at 11:30 on his plans for the economy. He's going to make a series of announcements - many of which will affect your finances.

And there's an important backdrop here: the UK's economy faces a number of big challenges.

Yesterday, the Office for National Statistics published the latest figures for inflation for October, external.

They show that prices rose by 11.1% in the year to October driven by rising food and energy prices.

Higher energy and food bills have caused households and companies to cut back on spending, which has led to expectations the UK will enter a recession - when the economy shrinks instead of grows - at the end of the year.

Image source, .

At the same time, the Bank of England has warned that the UK is facing its longest recession since records began.

Some experts believe the public finances have a so-called "black hole" of around £55bn, which needs to be filled through tax rises and spending cuts.

However, some economists argue the black hole could actually disappear if government debts were calculated differently.

Others suggest there is a risk that the government could deepen the recession by going too far, external and too fast.

Image source, Reuters

Chancellor Jeremy Hunt has appeared outside of Number 11 Downing Street, holding a big, green folder.

He will now make his way to the House of Commons to deliver his Autumn Statement in front of MPs.

Typically, the chancellor will pose for press with a red ministerial briefcase, or "box", ahead of a Budget. But of course, this has been described as an Autumn Statement, rather than a full-blown Budget, where Hunt will provide an update on the government's plans for the economy.

Faisal Islam
Economics editor

Today’s announcements, and in particular the forecasts from the Office for Budget Responsibility, will set the political tramlines not just for the next year, but for as long as the next five years.

Labour is likely to back the independent forecasters’ numbers, showing that there is a fiscal gap of more than £50bn in 2027-28 that needs to be closed in order to meet the chancellor's targets and show debt falling as a proportion of the economy.

This matters, as it clearly constrains what a party currently polling at between 45 and 50% will be able to offer in its election manifesto. It would mean a tacit acceptance of a five-year timetable for falling debt. This would form the “baseline” for its manifesto and its election offer. Any additional spending would then be covered by further tax rises.

There has been some debate among economists on left and right about whether this “black hole” exists.

Both major parties, differing on the name, cause and cure, will be on the same page by the end of today.

It's a big day for Chancellor Jeremy Hunt, as he gets ready to tell us the contents of his autumn statement about the government's plans for public finances.

You can hear Newscast’s expert guide examining the knock on effect it will have on all of us - with Adam Fleming, BBC deputy political editor Vicki Young and Carl Emmerson from the Institute for Fiscal Studies.

Listen here.

Image source, .

Image source, Reuters

A cabinet meeting at Downing Street has just finished, with ministers seen departing No 10 ahead of the chancellor's autumn statement announcement at 11:30 this morning.

Before that, Prime Minister Rishi Sunak will deliver a statement in the House of Commons on his visit to the G20 summit in Bali.

Image source, PA Media

Frances O'Grady, general secretary of the Trades Union Congress (TUC), has warned against the dangers of austerity.

Speaking ahead of the chancellor's Autumn Statement, she said that tough spending cuts are "never easy for working people".

The austerity plan by George Osborne, who served as chancellor from 2010 to 2016, "failed", she told BBC Radio 4's Today programme.

Amid expectations that Jeremy Hunt will preside over similarly painful cuts, she said:

The UK has a legal minimum wage which all firms should pay and all workers should receive.

Today, the Chancellor is expected to announce an increase for the National Living Wage from the current level of £9.50 an hour for over-23s. There are suggestions it could increase to about £10.40 an hour.

The Trades Union Congress has called for the minimum wage to increase to £15 an hour to help households cope with "eye-watering bills and soaring prices".

As it stands, the UK has:

• A National Minimum Wage - the minimum pay per hour workers are entitled to
• A National Living Wage, which is higher than the National Minimum Wage - workers get it if they're over 23
• And the Real Living Wage, which is calculated by the Living Wage Foundation , externalcharity. It's above the level of the legal minimum wage, reflecting what the charity thinks people need to earn to cover everyday needs. There are about 11,000 Living Wage-accredited employers in the country

You can find more details here.

Kevin Peachey
Cost of living correspondent

Anyone keen on sport will say that you get the most success with good timing.

A sweetly struck shot is more likely to hit the back of the net. Hit the ball clean out of the middle of the bat on the cricket pitch and it will fly away for four runs.

So, today, watch for the chancellor's timing on his key announcements.

How long will the freeze on income tax thresholds last for? When will help with energy bills come to an end?

There will be plenty of scrutiny about the timescale - especially bearing in mind an upcoming general election - as well as the measures themselves.