Starmer is now arguing that the Tory government's plans are made up of "the same old formula".

Britain deserves better than this, he says, before listing what he would do if he was in power.

He addresses the backbenchers and claims that when the chancellor says the country has grown quicker than other countries like Germany, "they'll be shocked to learn this is a statistical slight of hand".

GDP per capita has declined, he argues.

He says the UK economy has not grown since the first quarter of 2022 - something he says is the longest period of stagnation since 1955.

Starmer is telling the House that the economy is smaller than when Sunak entered Downing Street.

He says billions of tax payers' money has been wasted on schemes such as the Covid fraud taskforce, the Rwanda scheme, and the scrapping of HS2.

"Billions upon billions for a white elephant without a trunk", Starmer says.

Image source, Parliament TV

Starmer continues to say he supports the fuel duty freeze but taxes remain at "a 70-year high" and British people are having to pay more for less.

"An unprecedented hit to living standards for working people," Starmer says.

Labour will support the fresh investment in the NHS, Starmer continues.

But he says that ten years ago, when Hunt was health secretary, he had promised to make the health service paperless by 2018.

The Labour leader says he supports the cuts to National Insurance from 10p to 8p from next month.

But, he says in 2022, when Rishi Sunak was chancellor he promised by 2024 the basic rate of tax would cut 20 to 19p.

"That promise is in tatters today," Starmer says.

Starmer is now arguing that the Tory party is cribbing central policies from the Labour party.

For those opposite, now downbeat about triumph for social democracy, "get used to it" he quips.

With this pair in charge, he says, it wont be long before they're asked to defend the removal of a private school tax relief (as a reminder, a Labour policy).

Starmer says the budget is giving with one hand, taking even more with the other.

He says a Tory stealth tax is coming in the shape of a council tax bill.

"Give with one hand, Gove with the other", he quips.

Starmer says the Conservatives are trying to save their own skin and calls their non-dom policy "a desperate move" they finally copied from Labour.

He asks why didn't they do it earlier?

The Labour leader says food prices are 25% higher than they were two years ago, rents are up 10%, and a typical family is paying an extra £240 a month on mortgages if they have to re-mortgage this year.

"They lost control of the economy, they sent interest rates through the roof," Starmer adds.

He says working people are being made to pay for the Tory government's choices.

Starmer says the story of this parliament is "devastatingly simple" .

The Conservative Party party are stubbornly clinging to the failed ideas of the past, and are failing to deliver the growth working people need.

Starmer adds the government are forced by their failure to ask people to "pay more and more for less and less" and are torching their reputation for fiscal responsibility.

Image source, PA Media

Starmer says the Commons has seen a fair share of "delusion" over the 14 years of Tory government.

He says the chancellor has breezed in, saying "crisis, what crisis?" or as the captain of the Titanic, or former prime minister Liz Truss might have said, "Iceberg, what iceberg?"

He says the Conservatives are smiling as the ship goes down.

We are now hearing from Labour leader Sir Keir Starmer who is on his feet at the despatch box.

"There we have it, the last desperate act of party that has failed," he says.

"Britain in recession; the national credit card is maxed out."

Starmer accuses the Tories of "delusion".

Dharshini David
Chief economics correspondent

Jeremy Hunt says public spending is set to rise every year until 2029, and, against some expectations, he will keep the total for departments growing at 1% above inflation per year.

But take into account population growth as well as inflation, and that some areas like health and schools, for example, have protected budgets - and it means other departments may see the equivalent of budgets falling by 15% per head in total by 2029.

Those areas include the likes of prisons, courts, local government services. We don’t have any details on where exactly the axe could fall.

Sure, as the chancellor says, there may be potential efficiency improvements - but these are services already under huge pressure. A thorny issue for whoever is in government after the election.

Simon Jack
Business editor

Here's a surprise - the higher rate of capital gains tax on residential property will be reduced from 28% to 24%.

The chancellor says that the lower tax rates will result in more transactions, leading to more tax revenue.

Chancellor Jeremy Hunt sits back down on the government’s benches after delivering his Budget and spending review.

He was on his feet for just over one hour and shortly we will hear from Labour.

The SNP have forced a vote on the Budget, so this will add a delay to hearing a response from Labour's Sir Keir Starmer.

Stay with us as we analyse what Jeremy Hunt just announced.

Hunt has now wrapped up the Budget announcement by saying that his government has a plan to grow the economy versus Labour's "no plan".

The Budget, he adds, will unleash people power and put this country back on the path to lower taxes with a plan to "grow the economy".

"Growth up, jobs up, taxes down. I commend this statement to the House," he closes before stepping down.

Hunt says the "ground-breaking" agreement with the NHS for digitisation can be mirrored in education, the police, courts and local government - and will make services "more efficient".

Hunt says the Treasury will now do things differently and prioritise proposals that "deliver annual savings within five years equivalent to the total cost of the investment".

Listing some of the areas where the government might save costs, he says police currently "waste eight hours a week on unnecessary admin".

Faisal Islam
Economics editor

AI, drones, and automation.

The chancellor outlines a significant strategy for public spending productivity to fill in some of the gaps in his spending plans after the election.

He has chosen not to squeeze public services further than he already has planned, pencilling in a 1% increase above inflation at the Autumn Statement.

This is not a Spending Review or a plan, but an answer to an argument that his tax cuts are based on “worse than fiction” spending plans.

He is saying these cuts are deliverable, and therefore his tax cuts are credible.

Some more help for parents who want child benefit.

Hunt says he will consult on a new rule to make the benefit to apply to collective household income, rather than on an individual basis, which he aims to introduce by April 2026.

But, as a more imminent help, Hunt announces the threshold will go up from £50,000 to £60,000.

And the top of the taper at which it is withdrawn will go up to £80,000 - from the current £60,000.

The chancellor announces a fresh cut to National Insurance contributions for employees from 6 April.

Hunt says he will reduce the rate by a further 2p, worth around £450 a year for someone on an average salary.

Dearbail Jordan
Business reporter

The windfall tax on oil and gas companies will - as we expected - be extended for another year until March 2029.

Hunt reckons that will raise a further £1.5bn.

Why? "Because the increase in energy prices caused by the Ukraine war is expected to last longer, so too will the sector’s windfall profits."