Live updates as Jeremy Hunt set to announce tax cuts in the autumn statement

Chancellor Jeremy Hunt will announce his plans for the economy in the autumn statement today. He is expected to announce a cut to National Insurance, a tax paid by millions of workers, and extend a £10bn a year tax break for businesses.There are also suggestions benefits will increase in line with September’s inflation figure of 6.7% but around two million people who claim benefits will lose access to money unless they agree to work; alcohol duty will be frozen in a bid to help pubs and pensions will continue to be linked to earnings. The UK Government say this is a "a major plan to unlock growth and productivity in the UK. In the Autumn Statement, he will unveil measures to boost business investment by £20 billion a year, cut tax and get more people working."Ahead of the statement, the Treasury has confirmed he will announce the National Living Wage will increase by over a pound an hour from April, from £10.42 to £11.44.Mr Hunt is due to speak to the Commons around 12.40pm. The autumn statement is one of the key financial events in the political calendar where the chancellor gives an update on future spending plans and the state of the country's finances.It is also important to look at the latest forecasts from the independent Office for Budget Responsibility (OBR) which analyses his plans to Parliament.We'll be bringing you the latest from the statement, and what it means for Wales, throughout the afternoon.Follow live updates below: