Budget 2023 live: Jeremy Hunt announces 30 hours of free childcare and extends energy bill support

Rachel Reeves, Labour’s Shadow Chancellor, has released a comment ahead of this afternoon's budget.

She said: “This Budget is an opportunity for the government to get us off their path of managed decline.

“It's a chance for them to recognise the huge promise and potential of Britain and get us growing again.

“With 13 years of economic mismanagement and sticking plaster politics leaving us lagging behind, what we need to see on Wednesday is some real ambition from the government.

“Labour’s focus would be on our mission to secure the highest growth in the G7. Our plan will help us lead the pack again, by creating good jobs and productivity growth across every part of our country, so everyone, not just a few feel better off.”

More details about the government's free childcare rollout for one and two-year-olds. Politico reports that the 30 hours are not universal, and they'll come with the same conditions for three and four-year-olds - including that both parents work at least 16 hours a week. The Sutton Trust said only 20% of the poorest third of families qualify for the full 30 hours.

One of the key questions around Jeremy Hunt's new childcare policy, is how much subsidy nurseries will get for the free hours they're giving away. Many providers reported financial difficulties with previous free childcare giveaways, saying that the subsidies were too low.

Whispers in Whitehall is that the rate will be raised, but by how much? Neil Leitch, from the Early Years Alliance, told Radio 4 that this could “spell disaster” and force “considerably more” nurseries to shut without proper funding. And there is some debate as to how much this will cost. The Guardian, who broke the story, put this at £4 billion, while the CBI has said it could cost almost £9 billion.

NationalWorld's Motoring Editor Matt Allan is reporting that the temporary fuel duty cut could be extended beyond the end of March, according to Whitehall rumours.

Matt says it was expected that he would confirm an end to the 5p per litre reduction introduced in last year’s Budget but leaked details of his statement hint that the temporary reduction could be extended.

Any such move would be a relief to drivers facing high costs to keep their car running and would be welcomed by motoring groups which have urged Hunt not to pile added pressure on motorists.

Ahead of the Budget, the RAC warned that allowing the tax to revert to its previous level or even increase would be “punishing” for households already struggling with the cost-of-living crisis. It said that fuel prices would rise beyond where they were when the cut was implemented 12 months ago.

The motoring group told Matt: "While we accept the 5p cut introduced last year can’t last forever, with household finances under even more pressure this spring than they were a year ago, we don’t think now is the time to be removing it."

Read the full story here.

Sky News' economics expert Ed Conway has tweeted that the FTSE has dropped 2.2% ahead of Jeremy Hunt's Budget announcement. Unlike Kwasi Kwarteng's infamous mini-Budget, this is not thought to be a reaction to UK fiscal policy. Following on the from the collapse of Silicon Valley Bank, Ed says shares in Credit Suisse have plummeted after the Saudi National Bank said it wouldn't be putting any more funds in.

You can read more about why Silicon Valley Bank collapsed here.

Rishi Sunak will face Keir Starmer in PMQs ahead of the Budget. You can watch PMQs and the Budget in full on this page.

The Prime Minister is smiling as he starts PMQs, by listing some of his achievements this week - including the UK buyout of Silicon Valley Bank and a deal with France over migration.

Labour leader Keir Starmer has asked his first two questions about the Gary Lineker controversy. He asks Rishi Sunak what he thinks about Conservative MPs calling for Lineker to be sacked, when the PM has previously said he was in favour of freedom of speech.

Sunak says it was a matter for the BBC, and accuses Starmer of political opportunism.

The Speaker of the House Lindsay Hoyle has twice had to warn MPs on the both sides of the Commons about jeering and baying. He tells them the British public want to hear the Budget. Right you are Lindsay!

London’s FTSE 100 has slumped to its lowest levels this year as banking shares plunged amid resurging fears over the health of the global financial system, PA is reporting.

The sharp sell-off came ahead of Chancellor Jeremy Hunt delivering his Spring Budget on Wednesday afternoon.

The blue-chip index was trading about 2.5% lower, dragged down by banking and insurance stocks which had only briefly managed to recover after the monumental collapse of Silicon Valley Bank (SVB) in the US sparked a global sell-off.

It sank to lows of about 7,440, not seen since December last year.

Shares in insurance giant Prudential were down by more than 10% despite the company feeling optimistic about China reopening its borders.

Barclays had tumbled by around 7%, and Standard Chartered was down by more than 6%.

British bank NatWest Group was down by nearly 5% and HSBC had slipped by around 4%.