As it happened: George Osborne's Comprehensive Spending Review speech

13:32 George Osbourne closes his speech.

"We have put the national interest first. We have reformed welfare and cut waste. We have taken the country back from the brink of bankruptcy."

13:29 Schools budget to increase from 35 billion to 39 billion in England and with each institution to have a greater say in how money is spent

13:28 The Green Investment Bank will go ahead with 1 billion of funding in the spending review.

13:25 As expected BBC to fund BBC World Service and BBC Monitor as well as part-funding S4C

13:23 Chancellor confirms that licence fee is to be frozen for six years and that the BBC will not increase its online spend and "encroach" into local media coverage

13:22 The Department of Culture Media and Sport will have its budget reduced to 1.1 billion through administrative savings of 41%

13:20 Chancellor confirms budgets for devolved nations to fall in real terms by 2014

13:19 Universal benefits for pensioners will be retained exactly as budgeted for by the previous government and the temporary increase in the Cold Weather Payment will be made permanent.

13:18 Child Benefit to be removed from families with a higher-rate taxpayer, saving 2.5 billion a year. Child Benefit will continue to be paid until a child leaves full-time education at the age of 18 or even 19.

13:17 Government will freeze the maximum savings credit award in Pension Credit for four years and further control the cost of tax credits by freezing the basic and 30-hour elements for three years and change the Working Tax Credit rules so couples with children must work 24 hours per week between them.

13:12 Total NHS spending will rise over and above inflation for the next four years. Efficiency savings are being looked for, according to the Chancellor, but these will be put back into the service.

13:11 Proposals will be set out to replace all working-age benefits and tax credits with a single, simple Universal Credit

13:10 Government to consult on changes to contribution discount rates to public pensions, with the aim of saving 1.8 billion per year in the cost of public service pensions

13:03 Welfare cuts will save the government 7 billion a year

13:02 State pension age is to rise for both men and women to 66 by the year 2020

13:00 Legislation to introduce a permanent tax levy on banks will be published tomorrow.

12:54 Royal spending will fall by by 14 per cent in 2012/13, while grants to the Household will be frozen in cash terms with a temporary additional facility of 1 million to support the costs of the Diamond Jubilee.

12:51 The Treasury will see its overall budget reduced by 33% and the department's building will be shared with part of the Cabinet Office.

12:49 A reform of the planning system will see 150,00 new affordable homes build over the duration of the Spending Review

12:48 Debt interest payments will be reduced by 5bn over the next four years

12:43 Around 490, 000 public sector jobs will be lost over the next four years. Chancellor says this will be achieved largely by "natural wastage" but warns there will be redundancies.

12:42 6 billion will be saved from the budgets of Whitehall departments, up from budget figure of 3 billion

12:39 Capital spending will fall from 51 billion to 47 billion over the next four years. The chancellor says this figure is 2 billion higher than in the budget due to contractual commitments.

12:35 The reductions the country has made since the coalition came to power has given the UK "breathing space", according to the Chancellor

12:33 "This review will cut waste and reform the welfare system that our country can no longer afford." - George Osborne

12:31 George Osborne begins his spending review

12:30 The Treasury has put together this informative guide on today's CSR

12:17 Today's CSR will allocate spending to all areas of government including public services, social security, and administration costs based on this budget

12:17 The June budget set the overall level of spending for the next four years

12:16 David Cameron is currently fielding questions during PMQs. One member has just asked if he can help save his football club.

12:15: scotsman.com will bring you all the major updates from the dispatch box as they happen.