Chancellor Jeremy Hunt has unveiled the government's tax and spending plans, and independent forecasts for the economy
National Insurance paid by employees will be cut from 12% to 10%, taking effect from 6 January
Hunt also made permanent a tax break for businesses that allows them to save on corporation tax by investing
But even with the cuts, the tax burden is still on track to reach a post-war high by 2028, says the Office for Budget Responsibility
The OBR also forecasts that the economy will grow slower than expected - 0.7% next year instead of the 1.8% previously forecast
NI is currently charged at 12% on earnings between £12,571 and £50,271 - and 2% on anything above that
Labour says the tax cut will not "remotely compensate" for hikes already in place
Separately, the state pension will increase by 8.5% from April 2024, while universal credit and disability benefits will rise by 6.7%
Welfare recipients who do not get a job within 18 months will have to do work experience - those who don't look for work for a six-month period will have benefits stopped
Image source, UK ParliamentJeremy Hunt is on his feet, beginning his Autumn Statement.
As we reported earlier, he says - in total - there will be 110 measures to "help grow the economy".
Deep breath, and let's begin...
PMQs is still going but as soon as it finishes, Chancellor Jeremy Hunt will begin delivering his Autumn Statement.
He'll update the Commons on the state of the economy, and announce some new tax and spending plans - which will affect the take-home pay and household budgets of millions of us.
Our expert team, including chief economics correspondent Dharshini David, cost of living correspondent Kevin Peachey and business reporters Dearbail Jordan and Ben King are poised to bring you the key lines, as well as analysis of what it all means.
You can watch it all live by clicking the play button at the top of the page. Stay with us.
Image source, UK ParliamentStephen Flynn, SNP Westminster leader, asks the prime minister about his government's response to what is happening in Gaza.
Flynn welcomed reports that hostages are due to be released, but he raises the question of the House of Commons backing "a permanent ceasefire".
Sunak says he wants to see all hostages released as soon as possible, and he thanks Qatar for its role in mediating negotiations.
Flynn then presses the PM, saying that a pause "in the killing of children" is not enough and instead there needs to be an end to what is currently happening in Gaza.
Flynn asks Sunak when the UK will "finally" recognise the state of Palestine. Sunak reiterates his support for a two-state solution, and says: "Our longstanding position is we would recognise the state of Palestine when it best serves the interest of peace."
Image source, UK ParliamentStarmer now turns to increasing suicide rates, saying the rate for 15 to 19-year-olds has doubled since 2010 and that suicide is now the single biggest killer for men under 45.
These cases are not just “tragedies” for the people involved but for their “families and whole communities", Sir Keir says.
Labour would “scrap tax loopholes” to allow greater support in the NHS, in schools and in communities - giving people at risk of suicide “their lives back”, he says. Will Sunak back it?
Sunak responds that the only way to get everyone the treatment they need is to give the NHS the “fantastic staff it needs”.
He says that's why he set up the NHS Long-term Workforce Plan and provided it with record funding to eliminate long waits.
Labour in government failed to train the consultants that we need now , he adds.
Image source, UK ParliamentStarmer shares the story of an NHS nurse he has spoken to, as she balances nursing with caring duties as well as being a parent.
The Labour leader asks the prime minister how he thinks she feels given his "boasting" attitude about what is being done to improve the health service.
In response, Sunak says his government is doing "absolutely everything we can" to help families.
He goes on to criticise Starmer for not condemning strike action by NHS workers.
Image source, UK ParliamentStarmer says millions are on NHS waiting lists waiting months for treatment, including two million children.
He asks the PM if he would accept these kinds of delays is if it was one of his family or friends?
Sunak replies that the government is expanding patient choice by using the private sector.
He then says Labour policy is "total and utter mess" and accuses the party of flip-flopping over the use of the independent sector to bring down waiting times
Image source, UK ParliamentStarmer now asks the prime minister how many people are waiting for mental health treatment.
Sunak replies, saying the government has invested "record sums" to expand mental health treatments.
He adds that union action that Starmer "fails to condemn" has led to several hundred thousand cancelled appointments, which he says are "making waiting lists worse".
Image source, UK ParliamentLabour leader Sir Keir Starmer now asks Sunak how a labourer or a care workers waiting for treatment can help grow the economy - saying NHS waiting lists are currently at 7.8m.
Sunak says his government has done an "enormous amount" to reduce waiting lists.
He has a dig at the Welsh Labour government, asking how the picture is looking on the waiting list front there - saying they have missed "every single one of their targets".
Image source, UK ParliamentLabour leader Keir Starmer's first question to the prime minister is about the "latest version of his five pledges" - the leader of the opposition asks "did he forget the NHS?".
PM Rishi Sunak says he has put through record spending on the health service and put together a major workforce plan for it.
He goes goes on to say he's kept three of his pledges: reducing debt, halving inflation and growing the economy.
Read more: Sunak's five pledges - what progress has he made?
Prime Minister Rishi Sunak is on his feet for the beginning of Prime Minister's Questions.
You can watch live by clicking the play button at the top of the page.
We'll bring you all the key moments - and of course, stay with us for today's main event, the Chancellor's Autumn Statement, which will be hot on the heels of PMQs, at around 12:30.
Three mothers on low incomes have been talking to our cost of living correspondent Colletta Smith about what they want from the Autumn Statement. They all agreed that uprating benefits in line with inflation should be one of the chancellor’s priorities.
Jo Barker Marsh is a lone parent of a 14-year-old son with additional needs. She says: “Looking at my own costs, if that doesn’t happen it will have a direct impact on myself. You check your bank account every single day just in case – the money goes nowhere.”
May Fairweather from Stockport agrees that benefits uprating is“essential”. She’s a single mum to a two-year-old. She has her own business but a large proportion of her income comes from benefits.
She says:
Quote MessageI’m sure they will talk about inflation having fallen but it still means things are getting more expensive and if they’re not going to increase the amount of income people get while the cost of things is still going up by 5% then you’ve got less money and can’t afford things as much. We can’t cut our budgets any further.”
Single mum-of-two Faith Angwet from London is currently looking for work.
"I want to be able to afford to live. I want to leave a legacy for my children, not poverty,” she says.
All three women say the government’s cost of living payments have been helpful – but they’d prefer regular support as opposed to a lump sum.
Henry Zeffman
Chief political correspondent
Jeremy Hunt has been chancellor for 13 months – and 13 fairly gloomy months, at that.
Remember he was appointed by Liz Truss after she sacked her first chancellor, Kwasi Kwarteng. Hunt’s first act was to shred Truss’s economic plans.
He spent months afterwards grappling with inflation and exercising restraint in the face of Conservative MPs desperate for tax cuts.
Rishi Sunak’s speech on Monday celebrating the government hitting its goal of halving inflation shows that Hunt now has a chance to display a bit of cautious optimism.
As well as outlining cuts to personal and business taxes, Hunt is likely to set a tone for the pre-election months – trying to persuade the public that under his plans, pressure on their wallets will ease.
There are political challenges for the government here, though.
How do they defend themselves against the charge from Labour - and others - that previous tax rises mean any cuts only tamount to a slower than expected tax rise, rather than true cuts?
And with the Conservatives so far behind in the polls – are enough voters still listening?
Charlotte Simpson
BBC Newsbeat cost of living reporter
We went to speak to young carer Danielle who moved from London to Great Yarmouth a year ago.
The 16-year-old helps to look after her younger teenage siblings, who have autism, as well as her mum who has problems with arthritis and diabetes.
She tells BBC Newsbeat she wants to see investment in education from the chancellor in his Autumn Statement.
"I think education is a big thing, I think they need to put more funding into special needs training in schools, even in mainstream schools," she says.
"Just for kids out there that have flown under the radar that haven't been diagnosed."
She also wants more focus on transport.
"It might seem small to certain people, and people in more privileged backgrounds, but to certain people that can mean everything, going out to the shops."
Dharshini David
Chief economics correspondent
What would you do with £25bn?
That's how much Chancellor Jeremy Hunt might have to play with and still be able to meet his self-imposed rules on borrowing - otherwise known as fiscal headroom.
It sounds a huge amount, but it is quickly used up when it comes to tax and spending choices.
For example, extending the existing 5p per litre cut in fuel duty would cost £4bn.
Prolonging the tax breaks on business investment to boost economic growth would cost £9bn a year.
A 1p cut to the rate of National Insurance would be £5bn and cancelling the halving of the stamp duty threshold next year would be £1.5bn.
What Hunt decides to do depends on his political agenda and may mean that some measures are left until the spring Budget - in a year when there is expected to be a general election.
One thing’s for sure - with choices like these there are always winners and losers.
Jeremy Hunt is expected to set out how much pensions will rise by in April next year in today’s Autumn Statement.
Under the so-called triple lock, the state pension is supposed to increase by either the rate of inflation the previous September (which was 6.7%), average earnings, or 2.5% - whichever is highest.
This year, wage growth is highest at 8.5%. But the Treasury may not honour that figure.
Instead, ministers may use earnings data that strips out the impact of bonuses and one-off payments.
That would mean an increase of 7.8% - and a saving of around £1bn.
Image source, Jeremy HuntJeremy Hunt holding the green Autumn Statement book
In a video just uploaded to X, Chancellor Jeremy Hunt says: "I'm thinking of my own business that I set up over 30 years ago.
"I want to help thousands of other people do what I did."
Hunt co-founded a marketing consultancy firm which he later sold.
He then set up his business Hotcourses, which runs websites listing courses for students around the world, in 1996. It was bought for £30m by the Australian firm IDP Education in 2017.
He said today's statement is the culmination of "eight months hard work" and contains - deep breath - 110 measures to "help grow the British economy".
Some details of the Autumn Statement have already been revealed, including a 9.8% increase to the minimum wage to £11.44 per hour.
The new rate, which comes into force in April, will also be expanded to 21 and 22-year-olds for the first time.
Hunt will also set out details of a £2.5bn overhaul of benefits for people with long-term health conditions or disabilities, or those facing long-term unemployment.
Benefit claimants who fail to find work for more than 18 months will have to do a work experience placement.
Stricter penalties will also apply to long-term unemployed people who the government decide are not adequately looking for jobs.
And there will be a cut in National Insurance for workers - but we don't know by how much.
Faisal Islam
Economics editor
In the past month, the shape of this Autumn Statement has changed considerably.
Only a month ago when he was at the IMF meeting in Morocco, the chancellor was saying publicly there was no space for tax cuts.
What has changed is that there is now such a huge amount of fiscal drag - as we reported earlier - that the IFS has referred to effectively the biggest tax rise in history.
When it was first expressed by Rishi Sunak two years ago, it was thought that the freezing of income tax thresholds would raise "just" several billion pounds.
But by 2028 it will raise something £50bn if these thresholds aren’t changed.
That raises a further question: will people feel like what we get today is a tax cut or will it just feel like a smaller tax rise?
At 12:00 GMT, we'll have the warm-up act: Prime Minister's Questions at the House of Commons.
From 12:30 GMT, Jeremy Hunt will give the Autumn Statement - he'll update Parliament on the UK's public finances, and outline changes to tax and spend policies.
Our team of reporters and experts will bring you the news - and analysis - here.
You can also watch all the action live by clicking play at the top of the page.
Dharshini David
Chief economics correspondent
As an election looms, 1p off the rate of National Insurance looks set to be in the speech, which would give 28 million people an average of almost £200 each.
That would cost £5bn - which is not small change even for the chancellor.
He could do that and still meet his self-imposed rules on borrowing but that’s partly thanks to ongoing massive increases in personal taxes you may not be aware of.
Some thresholds at which different rates of income tax or national insurance contributions apply were frozen in 2021 so it means they don’t rise in line with inflation.
This is called "fiscal drag" and will net the Treasury an extra £50bn by 2028, according to the Institute of Fiscal Studies.
It is a bigger windfall than previously assumed due to high inflation and will create an extra six million taxpayers.
So the taxman could be simultaneously giving and but taking away much more. Let's see what's announced at lunchtime.
