Live: Chancellor Jeremy Hunt to unveil his Budget

On Wednesday morning, the Chancellor confirmed that the energy price guarantee, which caps average household bills at £2,500, will be extended at its current level from April to June.

Announcements on childcare support, benefits reform and pensions allowances are also expected to form part of the Budget when Mr Hunt addresses MPs on Wednesday afternoon.

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11.15am

Following a Cabinet meeting, Jeremy Hunt now makes his way to the House of Commons to deliver his Budget, which will follow PMQs at noon.

Chancellor Jeremy Hunt with members of his ministerial team before delivering his Budget (Jordan Pettitt/PA) — © Jordan Pettitt

11.07am

Liberal Democrat Treasury spokeswoman Sarah Olney said the extension of the current energy price guarantee “does not go far enough”.

She said: “Instead of a sticking plaster for another three months, we need meaningful action now.

“The Liberal Democrats are calling on the Chancellor to cut energy bills by £500 per household. This would make a significant difference to households and the Government can afford to do it, they are choosing not to.

“In three months’ time, families will once again be facing a cliff edge of unaffordable heating bills.”

10.59am

Jeremy Hunt holds the red box aloft ahead of his Budget address.

Jeremy Hunt leaves 11 Downing Street with his ministerial box (Victoria Jones/PA) — © Victoria Jones

10.47am

The three-month extension of the EPG at its current £2,500 level will save a typical household around £160, the Government said.

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.”

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10.41am

Without the Government’s help, the average household would have been paying an annualised bill of almost £4,300 between January and April. But the support reduced that to £2,500.

(PA Graphics) — © PA Graphics

10.36am

The Energy Price Guarantee (EPG) had been due to increase to £3,000 in April to reduce the burden on state finances. But the Government had come under increasing pressure in recent weeks to cancel the rise to the EPG. Now, the Treasury has said it will now continue the scheme at £2,500 until July.

10.30am

Ahead of his Budget speech, Chancellor Jeremy Hunt confirmed that the energy price guarantee for households will be extended for another three months at its current rate.