Spring Budget LIVE as Jeremy Hunt unveils plans to tackle cost of living crisis and boost growth

Jeremy Hunt will set out his plans for the economy as he unveils his Spring Budget in the House of Commons this afternoon.

The chancellor is set to announce that the energy price guarantee will no longer be increased to £3,000 from next month, and will instead remain at its current level of £2,500 until July. The news has been welcomed by campaigners including money saving expert Martin Lewis, who has been lobbying the government to scrap the rise to ease the burden on UK households.

Plans to extend the free childcare provision in England are also expected to be announced. Currently, the government provides 30 hours a week of funded childcare to parents of three and four-year-olds, but the chancellor is expected to confirm plans to open it up to one and two-year-olds as well.

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The move comes alongside wider plans to boost the UK workforce. Sanctions for people on Universal Credit who do not take up work could be ramped up, while childcare payments could be increased and paid up-front rather than in arrears. An increase in the tax-free allowance on pension savings could also be set to rise, in a bid to discourage people from taking early retirement.

Mr Hunt has branded his Spring Budget a "budget for growth". Lower borrowing figures and a recent drop in wholesale energy prices have created some good news for the Treasury on public finances, but the chancellor is likely to proceed with caution without any major tax cuts - a move that could anger some senior Tories.

Action is expected on prepayment meters with the chancellor set to end the so-called “prepayment premium” from July, while announcements