Autumn statement LIVE updates as Jeremy Hunt expected to announce tax and benefit cuts

Chancellor Jeremy Hunt is set to deliver his autumn statement to MPs at around 12.30pm today (November 22). His speech on tax and government spending will be made in the House of Commons after Prime Minister's Questions which gets under way at midday.

Prime Minister Rishi Sunak has already hinted that he wants to cut taxes as it's something he "believes" in. The Chancellor is expected to announce cuts to national insurance, affecting 28m people with a "record wage boost" for close to 3m workers already confirmed.

However, reports have indicated that benefits could be cut by as much as £4,680 a year from 2025 for some claimants as the government attempts to get more people back into work. State Pensions may also take a hit following reports that the government could raise pensions covered by the triple lock by 7.8 per cent in line with 'regular pay' instead of the previously expected 8.5 per cent.

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The government also confirmed yesterday (November 21) that it will provide a significant increase to the National Living Wage (NLW) , worth over £1,800 a year, for millions of full-time workers. The boost will push up the NLW from £10.42 to £11.44 an hour.

First-time buyers may also be given an extension to the mortgage guarantee scheme for an additional year. This scheme allows such buyers to take out a mortgage at 5 per cent of their deposit.

Some Tory MPs will be hoping for tax cuts thanks to favourable economic conditions, such as the goal of halving inflation being met.

Mr Hunt will make the statement to the House of Commons at 12.30pm. Follow the latest updates and