Chancellor Rishi Sunak has set out plans for a post-coronavirus economy, boosted by better-than-expected forecasts but against a backdrop of a rising cost of living.

Today's budget comes after unprecedented spending and borrowing during the Covid pandemic.

Addressing the Commons this afternoon, he said: “Today’s budget delivers a stronger economy for the British people: stronger growth, with the UK recovering faster than our major competitors.

“Stronger public finances, with our debt under control. Stronger employment, with fewer people out of work and more people in work.

"Growth up, jobs up, debt down – let there be no doubt our plan is working."

Mr Sunak said his budget would focus on providing "world-class public services", backing business, help for working families with the cost of living and "levelling up".

"For too long, far too long, the location of your birth has determined too much of your future," he added. "The awesome power of opportunity shouldn't be available only to a wealthy few, but be the birthright of every child in an independent and prosperous United Kingdom."

Announcements included:

• Confirmation of a rise in the National Living Wage to £9.50 an hour – equating to a pay rise for workers of more than £1,000
• A cut in draught beer and cider duty of 5% – the biggest cut to beer duty for 50 years and bringing the price of a pint down by 3p – and a planned increase in duty on spirits, wine, cider and beer will be cancelled
• A planned fuel duty rise has been cancelled

• A new 50% business rates discount in the retail, hospitality, and leisure sectors.
• £2.6bn for more than 50 road upgrades and more than £5bn is being committed to roads maintenance.
• Tax relief for museums and galleries to be extended for two years, to March 2024.

• Local government to get new grant funding over the next three years of £4.8 billion, the largest increase in core funding for over a decade.

• A levy on property developers with profits of more than £25 million at a rate of 4% to help create a £5 billion fund to remove unsafe cladding.
• An extra £2.2 billion for courts, prisons and probation services, including £500,000 to reduce the courts backlogs.

• Overseas aid to return to 0.7% of national income by 2024-25, before the end of the current Parliament.

• Health spending to increase by £44bn, to more than £177bn.
• Investment in housing to total nearly £24bn.
• Up to 300,000 families to benefit from extra £200m in Supporting Families Scheme.
• More than £200m for holiday activities and food for school children.

• Spending of £4.7bn for schools by 2024/25 – the equivalent of an extra £1,500 per pupil.

• At least 100 projects to benefit from £1.7bn from first round of Levelling Up Fund.
• £1.4bn British investment fund to be set up to promote inward investment.
• Skills spending over this parliament to increase by £3.8bn, or 42% – particularly to help adults with poor numeracy skills.
• There will be a lower rate of air passenger duty for domestic flights from April 2023, resulting in a cut for 9m passengers.

One person who was absent for the Chancellor's speech was Labour leader Sir Keir Starmer who has tested positive for Covid-19.

Shadow business secretary Ed Miliband stood in for Sir Keir at Prime Minister’s Questions.

Analysis from political editor Paul Francis

Was it a give-away or take-away budget? On the face of it, the blizzard of announcements amounted to a budget that was more of the former than the latter.

The Chancellor was out to cast himself as Santa rather than the Grinch as he rattled through a list of pledges that in his words would help the economy recover from the Coronavirus pandemic.

One of the big fears was that the government’s flagship policy agenda of levelling up might mean Kent would lose out to those pesky red wall seats in the north when it came to funding projects designed to kickstart the local economy.

The Chancellor seemed to have got the message, although the Devil will be in the detail, and it seems likely that bids from several councils in Kent for a slice of the money will be approved.

The recent saga of supply chains and too few hauliers to get goods to and from the UK also seems to have been taken on board with a promise of more funding for lorry park places.

This may be a double-edged sword as we have already seen how some developments have stirred up resentment among those who live nearby such parks.

The Chancellor also announced the suspension of the HGV levy until 2023 and froze vehicle excise duty.

On the thorny issue of housing, there was a complicated package of measures that if he is to be believed will see much more focus on the development of brownfield sites.

That ought to play well with Conservative-led councils who have made no secret of their unhappiness at sweeping reforms which they complained tilted the system towards developers. Those reforms have not gone away but at least it seems the government is listening more closely.

As to other pledges, it is unlikely Kent County Council will be impressed by a commitment to allocate £4.7 billion more to local government, especially as it covers the next three years.

If you divide that sum by the total number of councils over that period and you already have a budget hole of £60m, as KCC has, it may not make much difference.

Businesses will undoubtedly welcome a cut in business rates and there was a crowd-pleasing announcement of a cut in duty on prosecco and sparkling wines.

The next few days of closer analysis might see some elements of the budget going flat but as things stand, the Chancellor seems to have done enough to satisfy the Conservative MPs.

The verdict of voters is yet to come.

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