That’s all for our live coverage of the chancellor’s autumn statement, as Britain faces the biggest hit to living standards on record.
You can read our main story featuring Jeremy Hunt’s announcement against the backdrop of the Office for Budget Responsibility’s analysis of the state of the economy.
Here are the key elements from the chancellor’s speech to the House of Commons on Thursday.
Zoe Wood, the Guardian’s consumer affairs correspondent has written a summary of how today’s measures may affect you.
Thanks for following along. Have a good evening.
Rees-Mogg criticises Hunt's budget for taking 'easy option'
Former cabinet minister Jacob Rees-Mogg has criticised Jeremy Hunt’s budget, saying he has taken the “easy option” of increasing taxes.
Rees-Mogg, who was business secretary until resigning when Rishi Sunak became prime minister, said taxation was too high and cuts should be made instead to balance the budget.
Speaking to Channel 4 News, he said: “I think the Conservative party should ensure that tax in the country and the expenditure match at a reasonable level. Taxation has got too high and there are issues with the level of expenditure that we have got.
“I think there is a real problem with fiscal drag bringing more and more people into the 40p [tax] band who, particularly if they are living in the south of England, are not necessarily particularly well off.
“That is going to be hard for them paying an extra level of tax on top of what they are already paying.
“Also, freezing the basic band is going to be a burden for all taxpayers, even those who are still in receipt of benefit.
“I think we need to look at the efficiency of government to make sure money is well spent before reaching for the easy option of putting up taxes.”
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