The Chancellor of the Exchequer is addressing parliament in his Spring Budget today (March 15). 

Jeremy Hunt will outline the Government's plans to tackle inflation, reduce debt and grow the country's economy in the House of Commons after Prime Minister's questions on Wednesday.

In a statement on Twitter, Mr Hunt said that the new budget will build "on the stability we gained from my Autumn Statement" as he outlines "the next steps to drive economic growth across the UK".

Wednesday's announcement is the first Spring Budget that Mr Hunt has given since becoming Chancellor in October 2022 following the dismissal of Kwasi Kwarteng.

The Chancellor is expected to outline a package of measures geared at removing barriers to work including a major childcare announcement. 

Mr Hunt is predicted to announce that childcare support will be paid to parents up front on Universal Credit rather than in arrears and increase the amount they can claim.

Other measures expected to be included are a tax-free lifetime allowance (LTA) on pension savings, the creation of 12 investment zones across the UK and around £63 million is expected to be budgeted to help leisure centres with swimming pools meet energy costs.

Watch Jeremy Hunt's Spring Budget live

The Chancellor's budget will be broadcast on both BBC Two and ITV News in special segments. 

The BBC will be covering the statement on Politics Live from 12.30 pm and ITV News will also have a News special which will air from 12.15 pm.

Viewers are also able to watch a live stream of the statement from the UK parliament's Youtube account as seen above.

The statement follows confirmation that energy bill support is being extended for a further three months.

The Energy Price guarantee will remain at £2500 a year for a typical household until the end of June which the Chancellor predicts will save the average family £160. 

Prime Minister, Rishi Sunak, said: “We know people are worried about their bills rising in April, so, to give people some peace of mind, we’re keeping the energy price guarantee at its current level until the summer, when gas prices are expected to fall.

“Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.”

Falling global energy prices mean that the current level will be extended to “bridge the gap” until costs are expected to fall below the cap.

Mr Hunt said: “High energy bills are one of the biggest worries for families, which is why we’re maintaining the energy price guarantee at its current level.

“With energy bills set to fall from July onwards, this temporary change will bridge the gap and ease the pressure on families, while also helping to lower inflation too.”

The cost of delaying the planned 20% increase will amount to around £3 billion.