The Chancellor has outlined a series of measures aimed at reducing living costs and supporting pensioners, ex-mineworkers, carers and low-paid workers.

Tariffs on more than 100 supermarket products will be suspended to help keep prices down.

Pensioners with income up to the value of the full new State Pension will be exempt from Income Tax during this Parliament under the new Pension Tax Allowance.

For ex-mineworkers, the government has guaranteed that the entire pension fund surplus will go to miners, while committing to continue work towards the full transfer of the Guarantors Fund.

Changes to Carer’s Allowance will remove the earnings threshold cliff edge, preventing carers from losing their entire allowance when they earn just one penny above the limit.

Additionally, the by 3.9%, benefiting 2.3 million of the lowest-paid workers.

The Chancellor has announced a £100 Household Energy Payment for 20 million households in council tax bands A to D to help with rising energy bills this winter.

The £2.6 billion scheme will see payments made directly into eligible households’ bank accounts, providing financial support during the coldest months and into spring.

The Scottish, Welsh and Northern Ireland governments will also receive a share of the funding, with the Chancellor calling on them to provide similar support to households across all parts of the UK.

The announcement forms part of a wider package of measures, including proposed tax cuts this winter, fairer energy bills next year and longer-term energy market reforms aimed at delivering cheaper power.

The Chancellor has just set out commitments to achieve cheaper energy for families across Britain. This is a breakdown of what he said:

Lower energy bills: Introduce a new Cost Control Framework, scrap the Gas Shipper Obligation levy, and fund hydrogen projects directly through government.

Expand affordable clean power: Only buy and build new clean power projects when they lower bills and can connect to the grid, while moving more existing renewables onto fixed-price contracts.

Improve grid connections: Deliver cheaper, faster connections through GB Grid and reform the institutions governing them, while maintaining the commitment to Net Zero by 2050.

“From this point, our Labour Government priority is first and foremost cheaper energy, with clean power key to achieving it,” he said.

“This is possible because of the progress we’ve made towards clean power over the last two years, and this government remains resolutely committed to Net Zero by 2050.

“We will introduce a new Cost Control Framework to drive down all aspects of energy bills and I will scrap the upcoming Gas Shipper Obligation – a levy to fund hydrogen projects – and instead back those projects directly from government.”

“I’m making further big changes to bring bills down in the long term.

“First, on clean power generation, this government will only buy and build new projects when they lower bills and when they can connect to the grid.

“Second, we will break the grip of international gas prices on our bills by moving more of our old renewables onto fixed-price contracts.

“And third, we will build cheaper, faster grid connections through GB Grid, and reform the complex web of institutions that govern them.

“This is how we deliver the radical change Britain needs on energy. This won’t happen overnight, and so I’m taking immediate action to give families and businesses breathing space in the here and now.”

“In the first half of this year, our economy was the fastest growing in the G7, alongside the US,” the Chancellor said.

“That is testament to the British People - the innovators, the business leaders, and the workers on the front line.

“And it’s testament to the Labour decisions taken over the last two years.

“Government investment - up! Business investment – up! Productivity – up! And real wages – up! More since the election than in the first ten years of the previous Conservative government.”

“Britain has beaten the forecasts this year,” he added, “and with the action taken today I believe Britain can beat the forecasts again.”

In his speech, Chancellor Healey says the OBR has forecast that the UK will spend £14bn more on debt interest this year.

He reiterates his commitment to fiscal discipline, saying the Labour government has reduced borrowing from 5.1% to 4.4% of GDP — its lowest level in six years.

The latest forecast projects borrowing will fall further, to 4.2% of GDP this year, 3.4% next year, 2.9% in 2028/29, 2.1% in 2029/30, and 1.8% in both 2030/31 and 2031/32.

The Chancellor also sets out the forecast for public sector net debt as a share of GDP. It is expected to rise from 83.2% this year to 83.8% next year, remaining at that level in 2028/29, before falling to 83.1% in 2029/30, 82.3% in 2030/31 and 81.7% in 2031/32.

“Fiscal discipline is my first commitment as Chancellor,” he added.

“More than ever, it underwrites every promise this government makes to the British people.

“In the Budget today, I meet the fiscal rules – The stability rule: that day-to-day spending must be covered by tax receipts, And the investment rule, that government debt – defined as public sector net financial liabilities – must be falling as percentage of GDP.

“This year for the first time, I must meet these rules in the third year of the forecast. And I do. My plans continue to reduce government borrowing so we spend less on debt interest and more on the priorities of the British people.”

“The OBR sets out that the war in the Middle East is a key driver affecting today's forecasts,” he said.

“And this government continues to work with our allies to end the conflict and restore shipping through the Strait of Hormuz.”

Chancellor Healey added: “We did not want this war. It’s a war that has driven up costs on British families and businesses.

“Inflation, which was due to fall earlier this year to the 2% target, has now risen, driven by higher oil and gas prices.

“Oil is up from around $70 a barrel to well over $100; and gas prices have nearly tripled since February.

“For families, that means higher prices at the pump, higher energy bills and higher mortgages, For businesses, higher running costs and more expensive loans.

“And the impact is felt in the public finances too.”

“I hoped that I’d be the most closely watched member of the Government this week, but then the Prime Minister went on Gogglebox,” Chancellor Healey joked.

“This is a Budget for the working people of Britain,” Chancellor Healey begins.

“It’s a Budget for business, big and small, Delivered at a time when global uncertainties and pressures are swirling worldwide and hitting people here in Britain. A Budget built on fiscal discipline which matches immediate action today, with clear direction for the future.”

PMQs has now ended and The Budget is about to begin.