Norman Smith
BBC Assistant Political Editor

George Osborne's speech was "a real political curveball". Chancellors tend to use their last conference speech before a general election to "spray around the cash" and make attractive promises - but Mr Osborne's message was that "there's a lot more pain to come". The chancellor is pinning his hopes on "competence and candour": that voters will reward him for reducing the deficit and for levelling with people about the scale of challenges ahead.

Chris: Osborne seems to forget we are worse off than 5 years ago.

Conservative conference-goers are now enjoying their lunch and the range of fringe events on offer. Proceedings get going again in the hall at 14:30 BST.

Business minister Matt Hancock is tells the BBC's Daily Politics he rejects the assertion that the government is hitting the working-age poor hardest, and says it has helped people by cutting income taxes for the lowest paid.

David Cameron in a show of support for his chancellor.

George Osborne receives a standing ovation as he concludes his speech, which appeared to be very-well received by delegates.

BBC News website reader: The Conservative government / Chancellor, George Osborne, may have a plan that works in theory but if the people won't back it, it will merely remain an idea!

The Conservatives will enter the general election as "the party of progress", George Osborne tells conference, having led Britain to economic recovery when "all over Europe there has been crisis and uncertainty". He adds: "Now we seek a new mandate as the party of jobs, and security and a strong prime minister against the party offering higher taxes, more debt and Ed Miliband." The chancellor concludes that only the Conservatives offer a "confident future for Britain", and the message to the people should be to "choose David Cameron, choose the Conservatives, choose the future".

tweets:, external Osborne worries about pre-eminent London in UK economy "not healthy" - #MrRegion #north/south divide

tweets:, external Osborne biggest cheer line in audience so far - scrapping pension tax

On to the pensions announcement. Mr Osborne reiterates that he will abolish the 55% tax rate on inherited pensions funds - which meets with much applause. "Freedom for people's pensions," he declares.

The chancellor keeps stressing that the choice ahead is between the past and the future. He goes on to talk about the disparities between different parts of the UK, which he says have grown up over decades. But he says it is a "driving mission" to reduce the gap between north and south, and emphasises that it will be a central issue for a future Conservative government.

George Osborne also pledges to come down hard on businesses that try to avoid paying the full taxes they owe.

George Osborne aims fire at Labour again, which he says is "anti-business". He praises the current government's record on private sector job creation, low business taxes, capping pay day loans, increasing the national minimum wage - and says the Conservatives are the party of "fairness" and "on the side of enterprise"

@StephenParry80 tweets:, external Wish MPs would stop referring to pensions as welfare. Pensioners HAVE PAID IN. @George_Osborne

George Osborne tells the hall that youth unemployment has fallen "sharply" but says many are still reliant on a life on benefits. He pledges to end youth unemployment "altogether", by reducing the amount of benefits households can receive each year and abolishing job seekers' allowance to fund three million new apprenticeships. These are "three million more chances for a better life", he adds.

tweets:, external Tories pledge 2 year post-election freeze of working age benefits. Affects JSA, IS, Tax credits, Child Ben, H Ben not pensions or disabled

"We will provide a welfare system that is fair to those who need it and fair to those who pay for it too," George Osborne tells conference, adding that freezing working-age benefits will save £3bn.

George Osborne says Whitehall spending cuts will continue at the same rate for at least the next two years, saving at least £13bn.

Working-age benefits would be frozen for two years under a Conservative government, George Osborne announces.