LIVE Mini Budget announcement updates as Kwasi Kwarteng to unveil tax cuts amid cost of living crisis

Chancellor Kwasi Kwarteng will deliver a mini-budget statement today at 9.30am in the House of Commons.

It is understood that the government will announce a variety of tax cuts to help drive up economic growth and tackle the cost of living crisis plaguing the UK. Prime Minister Liz Truss is expected to fill her pledge of immediately cutting corporation tax and Stamp Duty.

Today's announcement will be different from the regular Autumn Budget and Spring Statement which usually brings major economic measures. Instead, today's mini-Budget is an emergency response to the rising cost of living crisis.

Mr Kwarteng is expected to tell the House of Commons: “Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise. This cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s.

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“We are determined to break that cycle. We need a new approach for a new era focused on growth.” He will justify the fiscal event as bringing in money to fund public services while allowing Britain to compete with other major economies.

However, vocal critics are cautious of the government's eagerness to cut taxes. The Institute for Fiscal Studies said the strategy to drive economic growth was "a gamble at best" with minister risking putting public finances on an "unsustainable path".

Pat McFadden, shadow chief secretary to the Treasury, said: “The Conservatives don’t have a new plan for economic growth. They have simply moved from levelling up to trickle down and that has not worked in the past.

“Their choice to fund all of this through