UK Finance Minister Jeremy Hunt is presenting the Autumn Budget to parliament.

Key takeaways

"Will continue to maintain defence spending at least 2% of GDP."

"Will raise schools budget with extra 2.3 billion sterling per year."

"Will delay implementation of social care reforms by 2 years."

"Will raise NHS budget by 3.3 billion sterling in each of next 2 years."

"Tax as a percentage of GDP will rise by just 1% over next 5 years."

"Maintaining tax thresholds for another 2 years."

"We will grow public spending by less than GDP."

"We will raise resource spending by 1% a year in real terms."

"Overall spending on public spending will rise in real terms over next 5 years."

Market reaction

GBPUSD has managed to rebound from the daily low it touched at 1.1800 and was last seen trading at 1.1865, where it was still down 0.35% on the day.