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4:34pm: Osborne quotes from the IMF about the scale of the UK's deficit. He says the truth is that Brown built growth on the pillars of finance and housing, without thinking what would happen if they failed.
Half of the measures announced today amount to compensation for the 10p tax con, the shadow chancellor goes on. He says Labour MPs cheered the measures when it was introduced (the abolition of the 10p rate), and now they are cheering the measures when they are scrapped.
4:32pm: The growth forecasts are "grossly more optimistic" than those of most others. Darling thinks he can "borrow his way out of debt". He's like a "gambler who won't give up".
The idea that America is to blame is "total nonsense". He asks if it was America that gave Britain the largest deficit, and answers himself, "no". Osborne asks a series questions like this, prompting the Tory MPs to cheer "no" to his questions.
If Britain is better prepared, why is the recession predicted to be worse here than anywhere else?
4:28pm: Osborne is replying. He described it as the biggest increase in borrowing ever seen in Britain.
The increase in national insurance is a tax increase worth £40bn, he says, adding that Darling has confirmed that all Labour governments bring the country to the verge of bankruptcy.
He asks: why are the tax increases coming into effect in 2011 if the recession will end in 2009? It's a political cycle, not an economic cycle, he says.
3:32pm: Vincent Cable will respond for the Lib Dems. And backbenchers from all parties will also get the chance to speak, giving us the chance to gauge how much Labour support there is for Darling's plans, and whether or not the Tories are united in their opposition.
3:16pm: The Tories have already said that they are opposed to unfunded tax cuts, and that they won't support Labour's spending plans after 2010. They want to contrast their "honest" approach about the state of the nation's finances with what they claim will be Labour's attempt to disguise the scale of future tax rises.
But will they really vote against tax rises that may be popular? What happens if Darling also promises spending cuts and future tax rises? And how will Osborne respond to any surprises?
3pm: George Osborne has the hardest job in the Commons this afternoon. As soon as Alistair Darling sits down, he has to respond on behalf of the opposition.
Click back after the chancellor finishes his statement for full coverage
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