George Osborne is delivering his 2014 Autumn Statement today, marking one of the last major opportunities for the government to announce its spending plans ahead of the general election.Against a backdrop of a higher-than-expected deficit, the Chancellor is limited in how many pre-election sweeteners he can offer the public. There is nevertheless speculation that he will announce at least one crowd-pleaser.
Here is what we have heard so far:
12.45: After Prime Minister's Questions overruns slightly, the Chancellor kicks off. "Four years ago, I presented the accounts of an economy in crisis. Today, I present a forecast showing the UK is the fastest growing of any advanced economy in the world," he says.
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Growth is higher, unemployment is lower, inflation has fallen and the deficit is falling too, he says. The deficit is "half of what we inherited", he tells the Commons – to much jeering from the Opposition. "Mr Speaker, our long-term economic plan is working."
Setting the tone for the rest of the statement, he warns that this Budget will tighten the public finances. "This is not a net giveaway," he says.