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LIVE: Special BBC programme covering the Autumn Statement
George Osborne has said the UK is growing faster than any other major economy thanks to his policies but the job of recovery was "not yet done".
Delivering his Autumn Statement, he said growth forecasts for this year had more than doubled from 0.6% to 1.4%.
And borrowing is down "significantly more than forecast" with the country set to be back in the black by 2018/19.
But Mr Osborne told MPs he wanted a "responsible recovery" and warned of "more difficult decisions" to come.
He told MPs "Britain's economic plan is working" but despite the better economic news "the job is not yet done".
End QuoteIt is, if you didn't already know it, slated to be a re-run of 1992"
He acknowledged that the effects of the economic crash on family budgets were still being felt, but he pledged: "The hard work of the British people is paying off and we will not squander their efforts."
He confirmed that millions will have to wait longer for a state pension - so that the pension age "keeps tracks with life expectancy" and future taxpayers are spared a massive bill.
The date when the state pension age rises to 68 will be brought forward to the mid-2030s - it had not been due to kick in until 2046 - and the age could rise to 69 by the late 2040s.
It means people now in their forties will not get the state pension until they are 68, while those in their thirties will have to wait until they are 69.
There will be an extra £1bn of cuts from the budgets of government departments for each of the next three years.
Other key measures include:
- Car tax discs to be scrapped and replaced by electronic vehicle excise duty system
- Next year's planned fuel duty rise is scrapped
- An extra £150m to update and build kitchens and dining rooms in English primary schools
- A move towards subsidising offshore wind farms instead of onshore wind farms
- Plans for £375bn of investment in energy, transport, communications, and water projects
- Selling off the government's 40% stake in the Eurostar rail service
The chancellor also capped business rate increases in England and Wales to 2% next year, rather than the rate of inflation, in an effort to boost firms and High Streets.
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George Osborne opens the Autumn Statement saying his plan is working but warns "today, we take more difficult decisions"
And he announced a £1,000 discount in business rates for small shops and pubs, for the next two years, and halved rates for new occupants of vacant shops.
The Autumn Statement is a half-yearly update on the Budget, allowing the Chancellor to give MPs a guide to his tax and spending plans.
These plans are based on the economic projections provided by the Office for Budget Responsibility - a body set up in 2010 to provide independent economic forecasts.
Labour says the government has done nothing to address the "cost of living crisis" facing many people and claims, on a new poster, that working people are on average £1,600 a year worse off since the last election.
Shadow chief secretary to the Treasury Chris Leslie said: "What we need from the Autumn Statement is a long-term plan to tackle the cost-of-living crisis and earn our way to higher living standards for all, not just a few at the top."
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