13.18: That’s it – the chancellor sits down as Ed Balls begins his response.

13.16: The 3p rise in fuel duty in January has been cancelled.

13.15: Good news for train travellers – he caps rail fare increases at RPI + one per cent.

13.12: There will be an extra £1.2bn for education of which £600m will be spent on 100 new ‘free schools’.

13.10: The chancellor says the OBR predicts that unemployment will be 8.1 per cent at the end of this year, rising to 8.7 per cent next year before falling to 6.2 per cent by the end of the forecast.

13.08: The government is aiming to cut health and safety rules – particularly for samll firms.

13.06: There will be new time limits for planning applications.

13.05: He announces that he aims to make it easier for firms to compete for public contracts.

13.04: £1bn extra money for Regional Growth Fund in England.

13.03: He says all options remain open for a new airport hub with the exception of Heathrow expansion.

13.01: M6 is among a number of roads in the Midlands that will see improvements.

13.00: Toll halved on the Humber Bridge. Investment on Tyne & Wear Metro brought forward.

12.58: He announces 35 new road and rail schemes.

12.57: There will be a 50 per cent discout for tenants in social housing wanting to buy their own homes.

12.56: Money from the sale of council houses will be put into new building projects.

12.55: The chancellor says the government is going to reinvigorate the ‘right to buy’.

12.54: There will be a one per cent reduction in the cost of borrowing for small and medium-sized businesses.

12.52: The chancellor announces that the Enterprise Guarantee Scheme is to be extended. He claims that this will help small businesses to get loans.

12.51: Bank levy increased:

12.50: The rise in state pension age to 67 will be brought forward to 2026.

12.49: Benefits will be uprated at 5.2 per cent next April.

12.47: Basic state pension will rise in line with the ‘triple lock’ by £5.30 to £107.45 next April.

12.44: The chancellor calls for the unions to call off tomorrow’s strikes.

12.42: Public sector pay freeze which comes to an end next year. After that pay rises will be capped at one per cent for the following two years.

12.40: National debt will peak at 78 per cent of GDP in 2015.

12.39: ‘Crisis in Europe has made the case for cuts even stronger’.

12.37: Debt interest forecasts by 2015 are set to be £22bn less than previously expected.

12.35: He says that the OBR have warned that the previous ‘bust’ was much deeper than previously thought meaning that it would take longer to come out of. But he says they do not forecast a recession.

12.32: He states that OBR (Office for Budget Responsibility) are now forecasting 0.9 per cent growth for this year followed by 0.7 per cent next year. The previous forecast for this year had been 1.7 per cent.

12.31: The chancellor gets to his feet. He starts by warning about the crisis threatentening the Eurozone and promises to do all he can to safeguard the UK’s economy.

Live minute-by minute updates as the chancellor George Osborne delivers his Autumn Budget statement.

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