Autumn Statement 2014: live updates from the Commons

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.