New forecasts for borrowing

The new forecasts for government borrowing as a percentage of GDP are:

  • 8% in 2018-19
  • 6% in 2019-20
  • 3% in 2020-21
  • 1% in 2021-22
  • 9% in 2022-23

Preparations for Brexit underway

To jeers from the opposition. Mr Hammond said: “Since the budget we’ve made substantial progress in our negotiations with the European Union to deliver a Brexit that supports British jobs … and prosperity.”

Late payers in Government spotlight

As expected, Hammond says the government will examine ways to help small businesses deal with late payments which he describes as a “scourge”.

“We are the party of small business and the champion of the entrepreneur,” he says.

Some 60,000 homes benefit from Stamp Duty relief

Hammond reveals that 60,000 homes have benefited from the Stamp Duty relief introduced in the Autumn Budget.

Hammond and ONS to work on people value

Mr Hammond said the Government will work with the UK’s statistics office to devise better ways of measuring the economic value of people.

£80m boost for apprentices

The Chancellor says £80m of funding will be released to support small businesses to engage with apprentices.

Supporting British business’

Mr Hammond says the Conservative government will support the “ambition of British businesses” and that he wants to “unleash inventors and discoverers”.

He says that boosting UK productivity – which remains the key to unlocking higher living standards and raising long term growth – will create a thriving economy.