Live blog: Rishi Sunak to unveil 2021 autumn Budget

File photo dated 3/3/2021 of Chancellor of the Exchequer, Rishi Sunak, holds his ministerial 'Red Bo

Chancellor of the Exchequer, Rishi Sunak, holds his ministerial 'Red Box' outside 11 Downing Street, London, before heading to the House of Commons to deliver his Budget. - Credit: PA

The country will learn what chancellor Rishi Sunak’s “new age of optimism” might look like when he unveils his autumn budget this afternoon.

Follow our liveblog for the latest live updates and responses from north London.

The chancellor will deliver his budget and spending review at 12.30pm today (October 27) and the Office for Budget Responsibility will hold a press conference at 2.30pm.

The chancellor and prime minister Boris Johnson also plan to visit small business in the capital later in the day.

Chancellor Sunak has already revealed predictions that he will have more money than expected to spend due to a fast bounce-back from Covid.

In comments released by the Treasury ahead of his address to MPs in the Commons on Wednesday, he claimed his budget will deliver a stronger economy and will commence the “work of preparing for a new economy post-Covid”.

The chancellor was however, was blasted by commons speaker Lindsay Hoyle for earlier pre-speech briefings made to the press before MPs, stating that, “Ministers must make important announcements first to this chamber,” and alluding to past chancellors like Hugh Dalston who resigned after similar actions.

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Meanwhile Labour has called on chancellor Sunak to set out an immediate plan to support families through the winter when he delivers his budget.

Shadow treasury chief secretary Bridget Phillipson said many low-income families have been hit hard by the ending of the temporary £20-a-week increase in universal credit.

MP Phillipson told Sky News: “We want to see immediate action to deal with the cost-of-living crisis facing families as we are entering a pretty tough winter for lots of people, but also businesses too.

“We have had a lot of smoke and mirrors going into this Budget, and it’s all very good and well the government promising things, but if that doesn’t lead to people feeling that extra support in their pocket, that will be the real test for the government.”

A woman polishes the door of no 11 Downing Street, London, on the morning of Chancellor Rishi Sunak

A woman polishes the door of no 11 Downing Street, London, on the morning of Chancellor Rishi Sunak delivering his Budget to the House of Commons. - Credit: PA

Labour leader Sir Keir Starmer tweeted in agreement: “The budget must take the pressure off working people.”

Former cabinet minister Robert Jenrick has also said chancellor Rishi Sunak will have to think carefully about the pressures on people on modest incomes when he delivers the budget.

Mr Jenrick told Sky News this morning that while there were “reasons for optimism”, the chancellor still had to contend with rising inflation and a global supply chain shortage.

“I think the OBR forecasts are going to show the economy has grown substantially therefore we are borrowing much less as a country, and that gives the Chancellor more room to invest in the future of public services like the NHS.”

“But I think he is also going to have to think carefully about people on the most modest incomes and how he can help them in what is undoubtedly still going to be a difficult period when we are seeing inflation rising, higher energy prices and so on.”

The live blog will be updated throughout the day.