Chancellor Rishi Sunak is delivering his Spring Statement to MPs. The Budget comes on a day when the Bank of England announced an interest rate cut to 0.25% to help mitigate the economic impact of the coronavirus.

Here’s the latest:

1.38pm

Mr Sunak sat down from his Budget statement at 1.37pm.

1.35pm

Mr Sunak pledged a package of measures to benefit the NHS including clamping down on “aggressive tax avoidance, evasion and non-compliance” with extra funding for HMRC to secure £4.4 billion of extra revenue.

1.34pm

Any hint of climate credibility undermined by £27bn on new major road schemes that will trash countryside, increase traffic & exacerbate #ClimateEmergency

When it comes to showing how muddled and meagre he is on environment, Chancellor is absolutely getting it done. #Budget2020

— Caroline Lucas (@CarolineLucas) March 11, 2020

1.33pm

The Chancellor said corporation tax will not be cut this year and will remain at 19%.

1.32pm

Mr Sunak announced a £1 billion building safety fund to ensure all unsafe combustible cladding is removed from buildings above 18 metres tall.

1.31pm

The Chancellor announced he was abolishing VAT on books, newspapers, magazines and academic journals from December 1.

1.30pm

We’ve passed the benchmark for the shortest Budget which was set by Disraeli in 1867 at 45 minutes.

— Sophie Morris (@itssophiemorris) March 11, 2020

1.29pm

A thumbs up from Sajid Javid, as Rishi Sunak says “we’re getting it done”, having paid tribute to his predecessor #Budget2020

— Lewis McKenzie (@LewisMcKenzie94) March 11, 2020

“Saj, we’re getting it done,” says the Chancellor announcing more £ for FE colleges. The former Chancellor cracks a smile

— Sophie Morris (@itssophiemorris) March 11, 2020

1.28pm

Mr Sunak said he was providing every region in the country with funding for special 16-19 maths schools, an average of £25,000 per year for secondary schools to invest in arts activities and £30 million a year to improve PE teaching.

1.26pm

The Chancellor said he was committing to “the biggest ever investment in strategic roads and motorway” spending more than £27 billion.

1.22pm

The Chancellor said he will establish Treasury offices in Scotland, Wales and Northern Ireland and open a new “economic campus” in the north with more than 750 staff.

He said he will provide an additional £640 million for the Scottish Government, £360 million for the Welsh Government, £210 million for the Northern Ireland executive and £240 million for new city and growth deals.

1.19pm

Mr Sunak said 30,000 hectares of trees will be planted over the next five years and 35,000 hectares of peatland will be restored.

1.17pm

Mr Sunak said he will make £120 million available immediately to repair all defences damaged in the winter floods.

He added he will provide £200 million directly to local communities to build flood resilience and will double investment in flood defences over the next six years to £5.2 billion.

1.14pm

Mr Sunak said he would freeze the levy on electricity from April 2022 and raise the levy on gas to help tackle the climate crisis.

He said he will introduce a “plastics packaging tax” charging manufacturers and importers £200 per tonne on packaging made of less than 30% of recycled plastic.

1.13pm

Mr Sunak said research and development investment will be increased to £22 billion a year.

£1.4 billion will be invested in the science institute at Weybridge, which is analysing samples of cornavirus, and more than £900 million in nuclear fusion, space and electric vehicles.

1.11pm

Mr Sunak said research and development investment would be increased to £22 billion a year.

1.10pm

1.09pm

Beer duty will also be frozen, the Chancellor said, as he confirmed that the tampon tax would be abolished.

1.08pm

Mr Sunak announced that fuel duty will remain frozen for another year.

The planned increase in spirits duty will be cancelled and duties for cider and wine drinkers will be frozen as well.

1.08pm

The National Insurance threshold will increase from £8,632 to £9,500.

1.07pm

Increasing the National Insurance threshold from £8632 to £9,500 – giving 31 million people a tax cut, saving a typical employee £104. #Budget2020 pic.twitter.com/jHEH3ZPEfg

— HM Treasury (@hmtreasury) March 11, 2020

1.06pm

The Chancellor said ministers would publish a new remit for the independent Low Pay Commission to have a formal target of the National Living Wage reaching two-thirds of median earnings by 2024 “as long as economic conditions allow” – a rate of more than £10.50 an hour.

1.04pm

Mr Sunak met Bank of England governor Mark Carney this morning ahead of the Commons statement.

1.03pm

Rishi Sunak calls the Conservatives “the real workers party” #Budget2020

— Lewis McKenzie (@LewisMcKenzie94) March 11, 2020

1.01pm

Mr Sunak said the OBR forecasts that headline debt will be lower at the end of this parliament than it is currently, falling from 79.5% this year to 75.2% in 2024/25.

1.00pm

The Chancellor said the OBR reports that borrowing will then fall to 2.5%, 2.4% and 2.2% in the following years.

12.59pm

The Chancellor said the OBR reports a current budget surplus in every one of the next five years, with borrowing increasing from 2.1% of GDP in 2019/20 to 2.4% in 2020/21 and 2.8% in 2021/22.

12.58pm

A summary of the @OBR_UK forecast and other economic data. The fundamentals of the UK economy are strong. #Budget2020 pic.twitter.com/Qnraj86efn

— HM Treasury (@hmtreasury) March 11, 2020

12.57pm

The Chancellor said that without accounting for the impact of coronavirus, the Office for Budget Responsibility has forecast growth of 1.1% in 2020, 1.8% in 2021 and then 1.5%, 1.3%, and 1.4% in the following years.

12.55pm

Mr Sunak said the Office for Budget Responsibility has “slightly reduced” its forecast for GDP growth compared with its March 2019 forecast.

12.54pm

1/ The government is taking action that is coordinated, coherent and comprehensive on COVID-19.

This thread outlines some of the support in #Budget2020. pic.twitter.com/j7lCFhWaPx

— Rishi Sunak (@RishiSunak) March 11, 2020

12.53pm

Two million workers on low pay and those who are self-employed are not eligible for statutory sick pay under this government. No one should have to choose between heath and hardship. We are calling for all workers to be given the right to sick pay from day one. #Budget2020

— The Labour Party (@UKLabour) March 11, 2020

12.52pm

Mr Sunak said he was setting aside a £5 billion emergency response fund to support the NHS and other public services, adding he “will go further if necessary”.

12.51pm

I love #BudgetDay But #Budget2020 is extra special – genuinely historic and a moment to celebrate – first #BAME Chancellor presenting a #UK budget 👏🏽💕 pic.twitter.com/zazlNBunlY

— Sayeeda Warsi (@SayeedaWarsi) March 11, 2020

12.49pm

12.46pm

The Chancellor said the Government will meet the cost for businesses with fewer than 250 employees, to provide statutory sick pay to those off work “due to coronavirus”.

12.45pm

Mr Sunak said: “Those on contributory employment and support allowance will be able to claim from day one instead of day eight to make sure that time spent off work due to sickness is reflected in your benefits. I’m also temporarily removing the minimum income floor in Universal Credit.”

12.43pm

12.42pm

Mr Sunak said that “whatever extra resources our NHS needs” to cope with the coronavirus “it will get”.

12.41pm

The Chancellor said the Government’s response to the coronavirus will be “temporary, timely and targeted” and designed to have “maximum impact”.

12.39pm

Mr Sunak said there is likely to be “temporary disruption” to the economy while up to a fifth of the working age population could be off at any one time.

12.36pm

Mr Sunak said “we are doing everything we can to keep this country and our people healthy and financially secure” as he delivered his Budget against the backdrop of the coronavirus crisis.

12.34pm

The Chancellor of the Exchequer rose to deliver his Budget to the House of Commons at 12.34pm.

11.58am

Labour figures have called on the Chancellor to offer support for residents forced to pay for cladding removal from their flats.

Almost three years after Grenfell, no resident should face big bills to remove and replace dangerous cladding on their home.

A big test of this Budget is action to get this work done and end the #claddingscandal https://t.co/3DUo9p00Wy

— John Healey MP (@JohnHealey_MP) March 11, 2020

My letter to @RishiSunak yesterday. For his first budget he must finally provide the security and safety residents need, by providing the necessary funding required to make tower blocks affected by cladding and other fire safety deficiencies safe pic.twitter.com/RmfLrbV5pq

— Rebecca Long-Bailey (@RLong_Bailey) March 11, 2020

11.53am

Mr Sunak with departmental colleagues on Downing Street.

11.37am

Mr Sunak has left 11 Downing Street to head to the House of Commons.

11.09am

10.29am

Mr Sunak told the Cabinet his Budget’s measures to cope with Covid-19 “will make the UK one of the best placed economies in the world to manage the potential impact of the virus”, Downing Street said.

10.17am

The economy stayed flat in January despite predictions that it would grow by 0.2% following a tough year, figures showed.

The Office for National Statistics said GDP remained unchanged after growing 0.3% in December, dashing hopes that the economy was bouncing back after a clear win for the Conservatives in December’s election.

8.02am

The Bank of England announced an emergency interest rate cut to help the UK cope with the economic shock from coronavirus as Rishi Sunak prepared to unveil his first Budget.

Hours before he was due to unveil his package, the Bank set the scene with the rate cut from 0.75% to 0.25% and a series of other measures to help businesses and households through an economic shock “that could prove sharp and large, but should be temporary”.