Today the Chancellor of the Exchequer, George Osborne, will be outlining £89 billion in government cuts in the Comprehensive Spending Review, following his Emergency Budget in June. Follow our coverage here to find out what's being cut and what's not.
14:03: The Shadow Chancellor brings his questioning to an end and many MPs start to leave the chamber, Mr Osborone however remains to take questions from backbenchers. Our coverage comes to an end here as the nation digests the cuts to come.
13:48: Johnson mentions the "middle squeezed", perhaps he has not quite got Miliband's Newspeak about the "squeezed middle".
13:47: The increase in the NHS budget could actually be a cut, when the cost of the government's restructuring is taken into account, claims Johnson.
13:44: How many jobs will be lost in the construction industry as a result of reducing the building of new homes? asks Mr Johnson.
13:41: The former postman then goes for the Lib Dems who opposed hard and fast cuts during the election campaigns. One of said Lib Dems is wearing a dreadful garish yellow jumper. At least he leaves his socks and sandals outside when he visits the Mother of Parliaments.
13:39: Johnson is performing much better than young Miliband next to him, who looks like he's on work experience from a sixth form college.
13:38: Poor start from Johnson but then he strikes. He points out that in the last CSR in 2007 Osborne was demanding more public spending and de-regulation of the banks which would implode just one year later. Ouch.
13:36: He accuses the Conservatives of being "deficit deceivers" who tell "myths" to the British public.
13:35: Johnson criticises the Tories for cheering "the deepest spending cuts in history".
13:34: Big cheers for Osborne from the government benches, Shadow Chancellor Alan Johnson steps up to deliver his critique.
13:31 Osborne begins his conclusion, just as well as he's getting a bit hoarse after speaking for nearly an hour.
13:30: A £2.5 billion "Pupil premium" for children from lower income families will be introduced, a minor coup for the Liberal Democrats.
13:28: Osborne says the country must "end its decade long dependance on one industry in one area of the country", he's referring to financial services in London of course.
13:25: £30 billion will be invested in transport projects. The M25 will be widened, Tube lines will be upgraded and Crossrail will go ahead (Boris Johnson will be happy).
13:23: BBC license fee will be frozen for six years, helping all families Osborne says. BBC World Service and Welsh language channel S4C will be paid for by the BBC, no longer by the government.
13:23: Free entry to museums will be safeguarded, a bit of hubbub from the Labour benches, not quite sure why.
13:20: Department for Business, Innovation and Skills will have its budget cut 7.1 per cent.
13:16: £1.5 billion will be paid out to policyholders of Equitable Life.
13:15: People will only be able to claim sickness benefit for up to a year.
13:12: NHS total spending will rise over and above inflation until 2014/15. This is affordable in part because of savings in Welfare, but also from other departments.
13:10: The Chancellor says he wishes he did not have to remove Child benefits from higher rate tax payers, but, he says, doing so will mean no more changes to child benefits will be needed. The move will also save over £2 billion, not the £1 billion he originally forecast.
13:10: £7 billion will be saved from Welfare reform.
13:08: Time to be "tough but fair" Osborne says. He re-announces the cap on benefits preventing non-working families from receiving more than families that do work, with the exception of those dealing with severe disabilities.
13:08: A "Universal Credit" will replace benefits and tax credits.
13:06: The guiding rule will be that "it always pays to work", says Osborne of Welfare reform.
13:05: In some cases the tax bill of 16 families pays for the benefits bill of just one. This Osborne says is "unfair".
13:04: Onto Welfare now.
13:02: State pension age will rise to 66 for men and women by 2020, ahead of previously scheduled. Hope there are no French people reading this.
13:01: The government will spend another £900 million on preventing tax evasion and fraud in the hope of bringing in £7 billion more in revenue.
12:57: The Bank of England will take responsibility for regulating the banks.
12:55: Not much yet on Welfare, perhaps is saving the worst news till last.
12:54: The Ministry of Justice will have its budget cut 6 per cent by 2014/15.
12:53: Spending on the police will drop four per cent each year.
12:52: Admin costs however will be cut and aid to China and Russia will be cut off.
12:51: Overseas aid will rise to 0.7 per cent of GDP, making Britain the first country in the world to reach the UN's aid tarket, Osborne says.
12:50: Ministry of Defence will be cut by 8%, although we already knew that. However Osborne says that soldiers in Afghanistan will be "given the tools they need to finish the job".
12:47: Grant fencing for social care will be raised by two billion pounds.
12:46: Ringfencing of local authority grant's will be ended from next year, with the exception of grants for public health and schools.
12:44: Her Majesty the Queen will see the Civil List frozen, however she will receive a one of increase of a million pounds to fund celebrations for her Diamond Jubilee in 2012.
12:43: Money will be put aside for the "Big Society" projects and for the AV referendum next year. Some brief shouts from Labour.
12:41: Administrative costs in government departments will be cut by a third, saving six billion pounds. This he concedes will contribute to the 490,000 jobs to be lost, much of which will be "natural turnover", however there will be "unavoidable" redundancies.
12:39: "No stone must be left unturned" in the search for waste and reform, is one of three key principles the government is applying in the CSR apparantly. The other two are "fairness" and "growth".
12:35: The Chancellor points out that spending will increase in gross terms from £651 billion to £693 billion from now till 2014, thanks in part to debt interest.
12:33: Osborne begins by justifying the cuts, saying the IMF, the OECD, the Bank of England and the CBI all say urgent cuts are necessary.
12:32: He says tackling the deficit is "unavoidable", but the way they do it is not.
12:31: George Osborne's big moment now as he replaces Cameron as the centre of attention in the Commons.
12:30: One company that may not be looking forward to the cuts is Stobart, a logistics company, which this morning cut its profit forecast for the year due to the expected impact of the cuts, sending its shares down more than eight per cent on the FTSE 250.
12:21: Earlier this week more than 30 top business leaders in Britain encouraged the Chancellor to "press ahead" with cuts, while re-assuring the government that it was "more than capable" of creating jobs in the private sector for those affected by public sector jub cuts.
12:19: A lot of Eurosceptics in the House of Commons today asking the Prime Minister whether Britain should be paying more toward's the EU's budget when British government departments are facing cuts.
12:15: The news that 490,000 jobs will be lost in the public sector is not quite as bad as the headline figure sounds. The OBR prediction, snapped in Danny Alexander's book said that the jobs would go by 2014/15, not all in one go. David Hughes at the Telegraph suggests this will be little more than "natural wastage".
12:11: Ed Miliband will have to improve his so far opaque questioning of the Prime Minister if he is to have any hope of offering a credible alternative to the Coalition.
12:10: Miliband looks sheephish as Cameron reminds him of catchphrases such as "no more boom and bust" and "prudence with a purpose". Who was economic advisor to the Treasury when Gordon Brown made those remarks? Cameron asks. Ed Miliband of course.
12:06: Miliband goes on to ask if the CSR will be considered a failure if it leads to higher unemployment next year. Cameron fudges in the knowledge that jobs will almost certainly go next year, however will things be better after that?
12:03: Before the CSR Prime Minister David Cameron faces new Labour leader Ed Miliband at Prime Minister's Questions. Mr Miliband asks if there is danger of a double dip recession as Conservative Justice Secretary, Kenneth Clarke, apparantly said.
11:59: We already know pretty much how many jobs are going to go in the public sector as a result of today's announcement. A glimpse of a document held by Chief Secretary of the Treasury, Danny Alexander, appeared to confirm that 490,000 jobs will be lost. The Office of Budget Responsibility said as much a few months ago.