Hunt says the government will scrap and reform the tax break for wealthy foreign residents in the UK who have non-domiciled tax status.

Hunt says it will make the system "fairer and competitive". It will be replaced with a "modern residency system".

From April next year, new arrivals in the UK won't be required to pay any tax on foreign income for the first four years but after then - if they still live in the UK - they'll pay the same tax as other UK residents.

Moving on to the money raised by this policy move, Hunt says abolishing non-dom status will raise £2.7bn a year, funds which the Labour government, according to Hunt, had hoped to use "for spending increase".

"Today a Conservative government makes a different choice," he adds.

The higher rate of property capital gains tax is to be reduced from 28% to 24%, Hunt announces.

He says the move is predicted to increase revenues as there will be more transactions.

Hunt also says he will extend the UK’s windfall tax on the profits of oil and gas companies until 2029.

Within a raft of new measures rattled off in quickfire, Hunt is also announcing stamp duty relief for people buying more than one dwelling is being abolished.

He says this is because it was being regularly abused.

The chancellor says he will scrap tax breaks which make it more profitable for second home owners to let out their properties to holiday makers rather than to long-term tenants to rent.

Hunt says he will abolish the furnished holiday lettings regime.

The chancellor says the systems that support NHS doctors and nurses are often antiquated, with staff spending hours every day filling out forms.

The investment needed to modernise NHS IT systems will cost £3.4bn - but will unlock £35bn of savings.

"As a result of this funding, all hospitals will use electronic patient records, making the NHS the largest digitally integrated healthcare system in the world," he adds.

The government is increasing the Air Passenger Duty (APD) for business class travellers, Hunt announces.

Hunt has introduced a new levy on vaping.

There will also be a one-off increase in tobacco duty.

Simon Jack
Business editor

Two measures have been announced to get more people and pension funds to invest in UK stocks.

The British ISA is one of them.

Another will force local authorities and defined contribution (DC) pension funds to disclose how much they have invested in UK shares.

UK pension funds currently invest a fraction (4%) of their assets in UK shares.

Dearbail Jordan
Business reporter

Public sector productivity is a drum the chancellor has been banging for a long time.

Hunt says that he will keep day-to-day public spending at 1% growth in real terms but says the money will be spent more sensibly.

We'll get the real meat of day-to-day spending plans once the chancellor sits down and the Treasury publishes details of the Budget.

Faisal Islam
Economics editor

Who would have thought that Canary Wharf would be a recipient of Levelling Up money when the concept was floated by Boris Johnson half a decade ago?

The east London skyscraper-laden financial centre has been hit by some major banks rethinking how much office space they need.

The chancellor announced £242m for it and the surrounding area to create 8,000 new homes.

Deputy Speaker Dame Eleanor Laing intervenes, not for the first time today, after a heckle from across the room of "when are you going to mention the recession?" causes an uproar.

After MPs settle, Hunt turns to public services, noting that overall spending has risen since 2010, when the Conservatives took power.

Public sector productivity is below pre-pandemic levels, Hunt notes, and says it's not fair to ask taxpayers to pay for more when productivity has fallen.

He says he is today announcing changes to the Treasury’s traditional approach to public spending.

Hunt is now speaking about vacancies in the economy and how the government plans to address these gaps, starting with the childcare plan. Previously, it was expanded to 30-hour a week of free childcare.

He announces a guarantee on the rates that will be paid to childcare providers to deliver the government's "landmark offer" for children over nine months old for the next two years.

Debt is not falling now, despite chancellor’s claimpublished at 13:15 Greenwich Mean Time 6 March

13:15 GMT 6 March

The chancellor told MPs: “Debt is falling in line with our fiscal rules”.

His fiscal rule is that debt should be on track to fall in five years, and the Office for Budget Responsibility (OBR) – the body that marks the government’s economic homework – does forecast this to happen.

But it doesn’t mean debt is falling now or will in the next few years.

Earlier in his speech, he gave the OBR’s latest forecast, which is that debt, excluding Bank of England debt, will be higher in the next three years, unchanged in the fourth year and lower in 2028-29.

The prime minister previously got into trouble with the statistics regulator for claiming that debt was falling when he meant it was predicted to fall in five years.

The chancellor is proposing an additional £45m investment with £3m put into cancer research.

He announces a brand new investment in to life sciences company AstraZeneca.

Hunt also announces an additional £650m investment in the Cambridge Biomedical Campus and a new vaccine manufacturing hub in Liverpool.

Dharshini David
Chief economics correspondent

The increase in the threshold at which small businesses and self-employed people have to register for VAT eases one form of fiscal drag and increases incentives for work.

But it had been frozen for seven years; the rise of £5,000 doesn’t compensate entirely for that.

Chris Mason
Political editor

The tussle begins over the hurricane of statistics on a day like this.

The chancellor talked of how the UK economy has grown faster since 2010 than Germany, France and Italy.

Labour folk get in touch to say it is rather different if you look at GDP per capita – the size of the economy per person; how well off, on average, we each feel.

Labour say on that measure the UK has lower stats than Germany, France and Italy.

Staying on the the creative beat, Hunt says he is ensuring the tax reliefs just mentioned will become "permanent at 45% for touring and orchestral productions".

For non-touring productions that relief will be one of 40%, he adds.

Quoting composer Lord Lloyd Webber, Hunt says that according to the musician, it will be a "once in a generation" change to ensure the UK remains the global capital of creativity.

Image source, Getty Images

Hunt has a smile on his face as he turns his focus to the creative industries, referencing film productions featuring Idris Elba, Keira Knightley and Orlando Bloom that have been made in the UK.

The chancellor confirms the Autumn Statement announcement that the rate of tax credit available to the industry will rise by 5% and an 80% cap for visual effects costs will be removed.

"We have become Europe’s largest film and TV production centre," the chancellor says. "At the current rate of expansion, we will be second only to Hollywood globally by the end of 2025."

Henry Zeffman
Chief political correspondent

We may not know when the general election is going to be, but we do know it will be this year.

You can tell this is an election year budget from all the mentions Jeremy Hunt is making of successful lobbying efforts for specific policies by Conservative MPs, many of them in marginal seats.

The chancellor has also made a string of references to his own constituency, in Surrey - which the Liberal Democrats have designs on.

Sir Ed Davey, the Liberal Democrat leader, was campaigning there yesterday. Funnily enough, Hunt had a prepared jibe for him in the speech too.