A central London councillor has mocked anti-austerity protesters on Twitter telling them to “go wave your banners” while the “grown-ups get on running the country”.

Using the #EndAusterityNow hashtag , Conservative Westminster city councillor Richard Holloway dismissed the protest:

The protest is expected to draw 75,000 people according to its organisers who are a broad coalition of left-wing political groups.

It began outside the Bank of England at noon followed by a march to Parliament Square where a rally is expected to take place from 2:30pm until 5:30pm.

Hundreds have gathered with placards reading "No cuts" and "Stop Union Busting" and celebrities such as Russell Brand and Charlotte Church have joined protesters on the street.

The people vs austerity: The best pictures from recent protest marches Show all 10 1 /10 The people vs austerity: The best pictures from recent protest marches The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest Demonstrators take part in an anti-austerity protest organised by The People's Assembly following the State Opening of Parliament Getty The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest The anti-austerity protest in Trafalgar Square, central London, as protesters mark their opposition to measures set out in the Queen's Speech PA The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest Demonstrators take part in an anti-austerity protest in London Getty The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest The protest is aiming to highlight a number of issues including cuts to welfare, attempts to weaken unions and plans to abolish the Human rights act PA The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest A protester shouts into a megaphone during an anti-austerity protest in London Getty The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest The anti-austerity protest in Trafalgar Square, central London, as protesters mark their opposition to measures set out in the Queen's Speech, following the State Opening of Parliament PA The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest A protester holds a placard during an anti-austerity protest in London Getty The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest The anti-austerity protest in Trafalgar Square, central London, as protesters mark their opposition to measures set out in the Queen's Speech, following the State Opening of Parliament PA The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest Police officers guard Downing Street during an anti-austerity protest Getty The people vs austerity: The best pictures from recent protest marches The People's Assembly Anti-Austerity Protest Protesters march with banners during an anti-austerity, anti-Conservative Party protest after the Queen's Speech was delivered to Parliament in London PA

But police are said to be cracking down on protesters after disturbances at earlier demonstrations, according to the Guardian.

Activists linked with political party Class War who were arrested and bailed say they were handed fresh bail conditions banning them from attending the rally or entering Trafalgar Square, Whitehall and Parliament Square.

Labour leadership contender Jeremy Corbyn, who will be addressing the rally, told BBC Radio 4’s Today programme that austerity was a “cover” for increasing inequality.

He said his party had “bought into the Conservative agenda of cutting public expenditure” during the election campaign.

"Britain has become a more unequal society, is becoming a more unequal society and austerity is a cover for actually deepening that level of inequality.

"We have more people than ever using foodbanks, we have a greater number of people being homeless and many people in housing stress.