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Budget 2017: Growth now forecast to reach 2%

The Office for Budget Responsibility has upgraded its growth forecasts for the UK economy this year from 1.4% to 2%, while public sector borrowing estimates have been slashed by billions of pounds and real wages will rise through to 2020.

But Mr Hammond signalled there will be no end to austerity. Delivering his Budget statement, the Chancellor said the Government "must focus relentlessly on keeping Britain at the cutting edge of the global economy".

On the public finances, the OBR now expects borrowing in 2016/17 to come in £16.16bn lower than the autumn forecasts at £51.7bn. It said the Government would rake in an extra £7.5bn in taxes thanks, in part, to stronger-than-expected corporation tax receipts.

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