The Chancellor, John Healey, has begun delivering the Budget in the Commons. He presents it as a Budget for the
"working people of Britain, for British businesses big and small"
According to LBC, Healey told MPs the Budget rests on "fiscal discipline" and will give "breathing space" against the backdrop of the war in the Middle East.
The "breathing space" line repeats the pitch in his eve-of-Budget video, in which he promised "breathing space for today and fresh hope for the future". LBC reports that he has now linked it to the conflict in the Middle East.
LBC's report of the opening contains no figures, tax measures or OBR numbers. Whether the Budget meets the fiscal rules cannot be tested until the OBR's forecasts are published.
LBC says Kemi Badenoch is due to reply at 13:30, with the OBR's news conference at 14:30.