Autumn Statement: Live blog

LIVE FROM 12.30pm: Keep up to date with all the key points coming out of the Chancellor's Autumn Statement as they happen.

Click refresh or hit F5 to get the latest updates as George Osborne addresses the House of Commons.

13.20 Osborne ends his statement. Ed Balls begins his reply by saying Plan A has "failed colossally".

13.17 Fuel duty increase planned for January will be cancelled. Fuel duty figure from August will be 3p higher than now.

13.16 Train fare increases will be capped at RPI + 1%, instead of +3%.

13.15 Osborne running through education allocations. Extra £1.2 billion to be spent on schools, including on Maths Free Schools for 16-18 year olds

13.12 Enterprise investment schemes being extended. 50% relief on investments up to £100,000 in qualifying startup companies

13.09 Corporate tax rate to fall to 25% in April. Business rate relief holiday will be extended until April 2013

13.03 Plans make it easier for UK-based firms to compete for government procurement contracts and make new apps using government data

13.00 Osborne now listing the various roads, bridges, railways and other projects which will go ahead

12.58 £5bn addition spending on public infrastructure over next three years. Also negotiated with two British Pension Funds to unlock further £20bn of investment.

12.56 Will not agree to EU transaction tax. Instead permanent bank levy will go up to 0.088%

12.56 Will "reinvigorate right-to-buy". Up to 50% discount on buying social housing. Money will be reinvested in new housing. Mortgage indemnities will help 100,000 families buy newly-built homes.

12.54 National Loan Guarantee Scheme will be launched. £20 billion available over next two years

12.52 Will reduce asset purchase facility set up under previous government by £40bn

12.50 From 2026, the State Pension Age will rise from 66 to 67

12.48 State pension rise of £5.30 will be biggest cash rise in history

12.46 Osborne urges unions to call of strike. Warns they will damage economy and put jobs at risk.

12.45 Public sector pay awards of 1% after two-year pay freeze ends in spring.

12.43 Debt interest payments will be £22bn less than previously predicted by 2015.

12.40 OBR central projection that structural deficit will fall from 4.6% GDP this year to 0.5% in five years time. Debt to GDP ratio is set to peak at 78% in 2014/15 and fall by end of the parliament.

12.36 Shock factors such as increases in energy costs contributed to the recent slowdown in growth.

12.34 OBR will downgrade economic growth in the short term, but no recession. Growth of 0.9% this year, 0.7% in 2012, 2.1% in 2013, 2.7% in 2014, 3% in 2015, 3% in 2016.

12.31 Osborne begins: "We will do whatever it takes to protect Britain from debt storm and do all we can to build foundations of future growth."

12.25 Ahead of the Autumn Statement, Downing Street has said: "Our plan is to ensure we keep Britain safe from the sovereign debt crisis and we will do what is necessary to meet our fiscal target."

12.20 Osborne will begin his statement in around ten minutes time. It could last up to an hour, and will be followed by a debate, with his opposite number Ed Balls attempting to deliver the first jabs.

Introduction

There have been plenty of leaks over the past few weeks about what to expect in the Autumn Statement, from postponing the rise in fuel duty to introducing a 'safe-haven dividend' to boost growth.

Tax credits are also likely to be frozen, while the Chancellor may also announce moves to encourage pension funds and other parts of the private sector to fund infrastructure projects.

However, this could all be overshadowed by the gloomy economic outlook.

• The independent Office for Budget Responsibility is expected to cut forecasts for UK growth in 2011 and 2012 to 1% each year

• It has already downgraded forecasts once this year, in the March Budget

• Plans announced so far include £1bn to tackle youth unemployment and £40bn to underwrite bank loans to small businesses

• There are reports that money may be found by not increasing all benefits in line with inflation or by squeezing tax credits