A budget as the leaves turned brown was Kenneth Clarke back in 1996. The following year, labours new chancellor, a young chap called gordon brown, delivered a summer budget following his partys landslide election victory. After that, budgets took place in the early spring and have remained there ever since. Until today. Well, just a few minutes ago, the chancellor emerged from number 11 downing street with the special red box containing the budget speech. The red box goes all the way back to gladstone when he was chancellor. The chancellor was accompanied by his treasury team, including elizabeth truss, the chief secretary, and his deputy in the department. Well be speaking to her once the budget has been revealed. The chancellor will have to sit through pmqs at noon. Hell be on his feet by 12 30, assuming the speaker sticks to time. Stay with us as we bring you the budget in full, expert analysis and reaction from across the political spectrum. Im outside parliament, gauging reaction from leading political figures and assessing how westminster will respond to todays budget. Im in peterborough, at a leading manufacturer of lorry trailers. The government has big plans to promote growth in this area so what will businesses in this region make of todays announcements . And the budget will have a big impact on your personal finances. Ill be taking your questions on how it affects you and your family. Keeping me company, and keeping me right, throughout todays four hour special, a trio of bbc expertise at its finest. Political editor laura kuenssberg, economics editor kamal ahmed, and Business Editor simon jack. As well as their on air comments, theyll be providing plenty of thoughts on social media as the speech unfolds. If you want to join the twitter conversation, use the hashtag budget2017. You can also email us at haveyoursay bbc. Co. Uk. Well try and put some of your tweets and emails to our experts during the programme. Well, the treasury has given this budget a name its called building a britain fit for the future. It just trips off the itjust trips off the tongue think of it as Philip Hammonds version of the long Term Economic plan. Remember that . The cabinet have been meeting in downing street this morning where the chancellor presented his budget. Of course, they can only rubber stamp it now. It is too late to change anything. He told cabinet collea g u es to change anything. He told cabinet colleagues he would set out a vision for post brexit britain. That would allow the country to grasp the opportunities that leaving the eu provides. A vision from Philip Hammond. Stay tuned for that. Laura, all budgets are political but this one has a high political bar to climb. It from what i see it is meant to stabilise a shaky government, stabilise a shaky Prime Minister, but keep the chancellor in hisjob. Minister, but keep the chancellor in his job. And as much as it has a high barof his job. And as much as it has a high bar of what it needs to achieve, it has a pretty low bar in terms of the scale of measures we actually expect. I think the biggest thing for Philip Hammond to do today is not dropped the ball, not mess up. Yes, the government is pretty shaky, bit wobbly, fragile certainly, probably the best word of use certainly, probably the best word of use certainly, probably the best word of use the best word to use about the state of affairs. There are people in the tory party, sitting on the benches behind him, some of them wa nt to the benches behind him, some of them want to see him gone. And thirdly, he has to try and show that he has been able to go some way of addressing the concerns among many members of the public that meant the tories lost their majority. So a very difficult cocktail of goals for him to try and score today, but i think today the Main Objective is dont mess up. The last time he was at the dispatch box he made a very big mistake and then did a dramatic screeching u turn a week later. Big mistake and then did a dramatic screeching uturn a week later. So the tory backbenches are nervous about this budget and worried if he is up to it . They certainly are. One cabinet minister said to me last week, things are very difficult. If it isa week, things are very difficult. If it is a difficult budget things could get very difficult. Talk about understatement. The government has gone from crisis to crisis in the last few weeks, whether that was over cabinet resignations or whether it was the ongoing drama and the pretty public scrapping of what is going on in the brexit negotiations. They have had to weather a series of cyclones, if you like, and there is a question of whether they are holding on and a budget to go wrong could be extremely serious for them. That said, as we have discussed on many occasions, the fundamentals of the tory party have not really changed. There is no one person who wa nts to changed. There is no one person who wants to stick their hand up and they move out, theresa, my turn. I think we should not overrate the idea that somehow Philip Hammond is auditioning today to keep hisjob. I am not sure we are in that territory. We will see. Kamal, budgets these days are all about borrowing and financing the deficits, this government has borrowed a tonne more money, it is going to borrow more, but there are constraints 7 going to borrow more, but there are constraints . Absolutely, andrew. Lets look at some of the economic challenges. Lets start with the all important challenges. Lets start with the all importa nt borrowing figures. That is the money the government used to cover the difference between what it spends and what it raises in taxes. Lets go back to march and the office for budget responsibility, the official government watchdog, and it forecast for the last Financial Year, borrowing would hit that big number, £51] borrowing would hit that big number, £51. 7 billion, then it would go down. Go up a little bit this Financial Year and then gently go down to the end of 2022 down to £16. 8 billion. It looks like the chancellor wants to stick to that target of balancing the books, wiping out the deficit by the middle of the next decade. But some good news here for the chancellor. Not a lot of it about the borrowing figures are slightly more positive than was expected. For the last Financial Year, borrowing is expected to come in at {115. 7 billion. Under what they thought. If thatis billion. Under what they thought. If that is reflected what is called the forecast period up to 2022, that means he could have a little more wriggle room on what he can spend. Said that undershoot could have an impact in the current Financial Year and the next one as well, but there is another issue as well . We have heard a lot about productivity. We know our productivity growth in recent yea rs know our productivity growth in recent years has been poor, it is a dominant in the western world, not just britain, but it has been particularly bad here. But there has 110w particularly bad here. But there has now been talk in the run up that because of poor productivity growth, that will impact on the deficit reduction plans. How does that work . All of the better news on borrowing, all of that frankly over the longer term could be blown out of the water by this productivity problem. Productivity is basically the way the economy produces wealth. As you say, it has been growing very slowly since the financial crisis. That matters because that hits Economic Growth and that means that the government simply does not receive the tax revenues that it might have expected, had the economy been growing more rapidly. Now, the obr has suggested that it is minded to substantially downgrade the productivity forecast for the future. If it does that, that could add as much as 53 billion pounds to the borrowing requirements of this government. That would completely screw up government. That would completely screw up the deficit reduction plans. Exactly. The institute for fiscal studies said last month if the prospects for productivity of very poor, that means by 2022, the borrowing requirement would go up to that big black bar on the far right of that chart, £69. 9 billion. That is very gloomy. It is pretty extreme . Yes, but what is important, andrew, it shows a small tweak on that productivity number has a big effect on the Public Finances. The problem is, the obr will say because of productivity growth not being that good, it will have the following bad impact on the deficit. But were not quite clear, it is a bit of a stretch to know what it is . That is true. It has an effect on peoples incomes as well. There has been some better news in the last three months. Productivity is up 1 after two quarters of decline, so maybe there is a bit of sunshine. We will see. It is a tricky one for the chancellor s. For all chancellors, all sorts of problems can be washed away if the government grows robustly because you get more tax revenue. Our robustly because you get more tax revenue. Oui economy robustly because you get more tax revenue. Our economy is growing but not robust lee, it would be fair to say . If we go back to what the obr forecast last march, they said growth would be a pretty respectable 296. Growth would be a pretty respectable 2 . That would help the Public Finances. This year, that forecast is likely to be downgraded. The bank of england suggested in its inflation report, that figure 16 for growth, we must expect that the obr will follow that lead from the bank of england, will degrade growth, and alongside the downgrading productivity, that means that these are two substantial headwinds that the government wants to hit this balancing the books target by the middle of the next decade. And the forecast on 2018 and 2019 growth were a bit gloomy already, they were around the 1. 6 mark so it does not look like a booming growth is his get out of jail card . No, and it will be adjusting to see what the obr will say about subsequent growth and also what it will say about the possible impact of brexit. Of course, they are forecasts, and although they dont like me mentioning it, the obr has been known to be wrong in the past but we will see what happens with the new ones. Simon, unusually for a tory government, a lot of people in the Business Community think this is an anti business government. They dont like a lot of the rhetoric, they dont think the government is doing much for business. So what are their expectations for today . Businesses dont like budgets. They think every bit of tinkering by the chancellor means they have to go back and change this. It is a lot of Administrative Burden for them. They have every reason to be suspicious of the government. There was the perceived attack on the self employed when they tried to increase National Insurance. They are dealing with auto enrolment for pensions, they got a big revaluation in parts of the country their Business Rates so they are feeling a bit dustup. And yet, the chancellor needs business to invest if hes going to unlock the productivity problem for the future. Businesses are saying there is too much month left at the end of the money. Are saying there is too much month left at the end of the moneylj are saying there is too much month left at the end of the money. I like that it is very hard for us to invest so help us to help you. They are hoping there will be little change. There are a couple of measures which might come in today, for example, Business Rates evaluation going from rpi inflation measure to a lower one. And then bring it forward more quickly. Things like that could help them but basically they are saying, dont do too much. The chancellor will say in 2010 the Corporation Tax was 22 and it is now 19 and headed down to 17. They will say we are helping you out. We have just been clearing our throats here. There will be plenty more from laura, kamaland throats here. There will be plenty more from laura, kamal and simon throughout this for our special. In a moment, we willjoinjo coburn in peterborough but first to jane hill on college green. Philip hammonds last budget back in march. Here we are again and it is november and no longer the autumn statement. Another budget. How much has changed since then. We have had the election, the government had a reduced majority and britain is on its path to get out of the eu. Lets have a reminder of how much has changed. The main rate for the self employed will increase to 10 . I have decided not to proceed with the class four measures set out in the budget. The article 50 process is under way and in accordance with the wishes of the british people the United Kingdom is leaving the European Union. I have just chaired a meeting of the cabinet where we agreed the government should call a general election. Labour will take our ra i lwa ys election. Labour will take our railways back into Public Ownership and put passengers first. What is britains deficit . Did somebody passing a piece of paper . What is out passing a piece of paper . What is our deficit. Not at all. The first ever proper plan to pay for and provide social care. Nothing has changed. We are offering a long Term Solution for the sustainability of social care for the future. What we are saying is the conservatives are the largest party. Note they do not have an overall majority at this stage. I hope you notice that, the chancellor giving something away free. Laughter. Just a reminder of what people at westminster and the country has been living through the last few months. We can discuss what Philip Hammonds task is today. Debbie abrahams is with me for labour and Theresa Villiers for the conservatives. As Philip Hammond left number 11 journalist called out, is this a make or break budget . It is, isnt it . It is an important budget, all of them are, and phillip faces a difficult task, team needs to keep is on the path to deal with debt but also find investment for peoplespriorities. Is there scope for that with the backdrop of brexit . He has limited headroom in terms of money available, parliamentary majorities, but he has headroom because of decisions he has taken as headroom because of decisions he has ta ken as chancellor, headroom because of decisions he has taken as chancellor, including adjustments to fiscal rules to reflect where we are and the emphasis, we have seen in terms of investing in research, technology, Computer Science, this is about making it a competitive economy and seizing opportunities not just making it a competitive economy and seizing opportunities notjust as a result of leaving the eu but in terms of technology. We will come back to some of this. What is labours role today . Your party is behind in the opinion polls on trust in the economy. We should say it is clear austerity over the last seven years has failed dismally and it is notjust me saying that in the labour party, it is the International Monetary fund, it is economists, and others who have said absolute failure. People will know this. Let me finish, jane. They want to know what you can pay for what you want to do. This is how we set out in the general election how we would pay for spending commitments, fully costed. People know that they are. Theirliving fully costed. People know that they are. Their Living Standards have gone down and their wages are no more than they were in 2008. What changes should Philip Hammond may . We have five priorities, first around Social Security and universal credit, pause and fix it. We know this will push a million more children into poverty as a result of cuts. A House Building programme. We just have to go to westminster to see people sleeping rough and it has doubled in the last seven years. 120,000 children in temporary accommodation. We need to make sure the Public Sector workers get a fair deal to stop the Public Sector pay cap which we would not would stimulate the economy. Austerity does not work. How do you respond to that, Theresa Villiers . Do you see an increase in rough slippers . The government is determined to tackle this and we want an end to rough sleeping and we have commitments in the manifesto. You have had seven years and it has got worse. The trouble with labours plans is they would involve a big increase in taxation for ordinary working families. Rubbish. They would involve more borrowing. Leaving future generations to pay for our debt. We need a balanced approach that recognises we still have not cleared the deficit, but we need to deal with debts at a pace that is consistent and we doing everything to support the economy and to Fund Public Services as generously as we can. On a political point, how vital is this performance for Philip Hammond . You are not going to be best friends, you are on different sides in the brexit debate. Is it make and break for his future . |j would make and break for his future . would not say i am on a different side to the chancellor. I worked with him in transport and i think he is talented. There is pressure on him today and there always is on the chancellor on budget day and i wish him well. They have not cleared the deficit they promised in 2015. Economic failure from this government. The nhs is in crisis. 30,000 additional deaths according to the british medicaljournal. We will discuss it after Philip Hammond has stood up at lunchtime. More passionate debate come from here. Thanks, jane. Good to see the arguments breaking out already. That bodes well for our discussions. Budgets watched closely by businesses and joe cockburn is at ain by businesses and joe cockburn is at a