When will the £100 energy support be paid? Will I pay more tax on savings? Our cost of living correspondent Kevin Peachey answers your Budget questions
The UK faces the "worst decade for household income growth on record", according to the head of the influential Institute for Fiscal Studies (IFS) think tank
It comes after the head of government spending watchdog the Office for Budget Responsibility (OBR) warned the country's economic outlook is a "pretty grim picture"
Our deputy economics editor writes this could be the second worst Parliament for living standards - or income growth - since the 1950s
Meanwhile, PM Andy Burnham says the government wants to get the welfare bill down "as quickly as possible" - earlier Downing Street said it is not setting a "target or timetable" for when welfare spending will fall
Chancellor John Healey delivered his first Budget as chancellor on Wednesday - here's a quick guide to what was announced
The chancellor says he has "heard calls" for pay transparency on job adverts to close the gender pay gap.
He says the government will "act soon" to make sure women are "paid and promoted fairly".
"This Labour government is determined to make the economy work better for all families," he adds.
Image source, House of CommonsHealey has announced a further extension of the 5p fuel duty cut until next July.
The chancellor says the war in the Middle East is still driving high fuel prices and that's why the government is extending those tax cuts for motorists through the winter and spring.
Healey says those who need cars for work, he's increasing the higher mileage rate from 25p to 35p per mile and making permanent the increase to the standard mileage rate.
Inflation latest: The rate of UK inflation accelerated to 3.5% in September, the highest in almost a year. It has been pushed up by a sharp increase in petrol and diesel prices as global conflicts squeeze oil supplies.
Dearbail Jordan
Senior business and economics reporter
The cut to VAT on electricity bills from 5% to zero had been expected to end in March 2027. That will now be extended until July.
There had been some speculation the VAT cut would be made permanent.
The chancellor says this energy payment will help "take the pressure off in the coldest months and see people through to the spring".
It will be paid "directly into people's bank accounts", he says.
The Scottish, Welsh and Northern Ireland governments will receive a share of this funding, Healey says.
"I call on them to do the same and give people in all nations of the UK breathing space on their energy bills."
Image source, House of CommonsTwenty million households in council tax bands A-D will receive a £100 ‘household energy payment' this winter - paid directly into bank accounts for help with rising energy bills, Healey says.
This is costed as a £2.6bn scheme, Healey tells the Commons.
Image source, House of CommonsChancellor John Healey says he will extend the VAT cut on electricity through the winter and spring to July.
This action will take "£50 off the annual price cap", he says.
Healey also references the removal of the gas standing charge announced earlier, which will come into effect "from next year".
The government will set out "similar reforms to follow" for electricity, he says.
Image source, House of CommonsHealey says the Bank of England have upgraded their forecasts for UK growth this year, with the IMF doing the same earlier this month.
The Office for Budget Responsibility (OBR), Healey says, has also today ungraded its forecast, to 1.2% growth this year.
Healey warns that "there are real challenges ahead", but says Britain has "beaten the forecasts this years" and believes it "can beat the forecasts again".
He says he knows that "people are under pressure" or feel that the country "isn't working for them", adding that his choice in this Budget is to give them "breathing space" and to reform energy.
In a slip of the tongue, Healey then says the energy secretary "opposed" the Jackdaw gas field, to jeers from opposition benches, before correcting himself to "approved".
He says the gas field will "boost energy security" and add £2.9bn to the UK economy.
Dearbail Jordan
Senior business and economics reporter
The OBR gives a mixed outlook on the strength of the UK's economy.
It expects GDP to expand by 1.2% this year - that's better than its outlook in March.
But next year, it forecasts 1%. That's a sharp drop from earlier expectations of 1.6% growth.
Still, the outlook looks heathier for 2028 onwards with other years' forecasts upgraded.
Dharshini David
Deputy economics editor
The chancellor says the movements in financial markets - caused by concerns about debt and inflation, here and elsewhere - have added an extra £14bn to the government’s borrowing costs this year.
That sum is equivalent to about a 2p increase in the basic rate of income tax.
Already, the government is spending £1 in every £13 it shells out in total on interest repayments on debt - money that could otherwise be spent on schools, roads - or tax cuts.
Hence the emphasis on getting debt down.
Image source, House of CommonsHealey continues by outlining how he is meeting the fiscal rules with this Budget.
"My choices in this Budget, means I've kept the Labour manifesto promise not to raise tax on working people", Healey adds.
Despite global challenges, Healey says, the Budget will bring Britain's finances "into the black" within three years.
Quoting the OBR forecast, Healey says borrowing will be down to 1.8% by 2030/31. On debt as a percentage of GDP, Healey says its forecast to fall by 81.7% in 2031/32.
Healey says the IMF pointed out that the UK now "stands out" as a country where action to reduce debt and deficit has been taken decisively.
"They project our UK deficit will be the lowest in the G7 by 2029."
What are Labour’s fiscal rules? The previous chancellor, Rachel Reeves, set out two rules that would dictate financial decisions. The new leadership has also vowed to follow these. These are:
Dearbail Jordan
Senior business and economics reporter
Healey confirms the government's financial headroom will fall from £24bn to £15bn, according to the Office for Budget Responsibility (OBR).
Financial markets reckon they can live with a smaller buffer of around that level.
Healey says what we face today are "global economic storms".
He adds that the OBR sets out that the war in the Middle East is a key driver affecting today's forecast.
We did not want this war and we rejected calls to jump into it, Healey says, adding it has driven up costs on families and businesses.
He says inflation has now risen, driven by higher oil and gas prices.
Healey says the impact is felt in public finances too and today's OBR forecast predicts we will spend £14bn more on debt interest this year.
Image source, House of CommonsThe chancellor says in this budget he will set out the "new approach" this Labour government is taking "led by the vision of our new prime minister".
He says his economic plan will aim to "steer us through the global economic storms" of today and "chart a new course for Britain in the years ahead".
Healey pays tribute to his predecessor, Rachel Reeves - the UK's first female chancellor - who he says "brought fiscal discipline to this country" and took the decisions needed to "boost investment" and "cut NHS waiting lists".
Image source, House of CommonsChancellor John Healey begins his Budget speech by calling it a Budget for the "working people of Britain, for British businesses big and small".
He says it is built on "fiscal discipline" and will give Britain some "breathing space".
Image source, House of CommonsChancellor John Healey is on his feet in the House of Commons.
It's time for him to deliver the Budget.
This week's session of PMQs has concluded.
In a few moments Chancellor John Healey will stand up and deliver the Budget.
As a reminder, you can watch it all unfolding in the House of Commons at the top of the page.
Reform MP Danny Kruger asks the PM to confirm whether the Budget calculations assume the approval of the Rosebank gas field.
And if so, Kruger goes on, "will he now approve more North Sea exploration?"
Burnham replies that "that is a matter for the energy secretary. It is a quasi-judicial decision, and he'll have to wait for that in due course."
But, Burnham adds, "he is right in pointing to the fact that use of our reserves can support and accelerate a clean energy future".
Image source, House of CommonsPlaid Cymru MP Liz Saville Roberts brings up the issue of devolution and asks if Burnham will give Wales the economic powers it needs to prosper.
Burnham replies saying he is ready to make a similar offer to Wales as he did to the first minister of Scotland.
He adds that this will include greater devolution of employment support, which he says will be a starting point and there will be more to come too.
Image source, Parliament TVLiberal Democrat leader Ed Davey tells the PM he welcomes the "abolition" of the "cliff edge on carers allowance", but criticises that it will not come into force for four years.
He asks if the PM will meet with him to discuss plans on fixing carers allowance that would "make work pay for family carers".
Burnham responds that he is prepared to meet Davey to discuss, adding that Labour's policy is "a start" and the party is trying to build a cross party consensus.
Davey then moves on to the economy, agreeing with Burnham that Britain's "best future lies back at the heart of Europe".
He asks the PM if he will re-join the customs union and single market, to which Burnham replies "we won't be doing those things in this Parliament".
Image source, House of CommonsIt may be Budget day but it's also a Wednesday, and that means PMQs. Here's what we heard in the exchanges between Burnham and Badenoch:
Backbenchers in the Commons are continuing to ask the PM questions, but once they're finished - expected to be around 12:30 GMT - the chancellor will stand up to deliver the Budget.