Chancellor Phillip Hammond claimed there was “light at the end of the tunnel” for the UK economy as he delivered a Spring Statement that predicted a drop in inflation and borrowing. 

The chancellor said that at 1.5 per cent, the economic growth for 2018 was 0.1 per cent higher than a previous forecast made by the Office for Budget Responsibility in November.

However, while Mr Hammond is reported to have hinted at spending increases in this year’s Autumn Budget, his announcement on Monday 13 March made no provision for additional funds for public services such as the NHS. 

Labour shadow chancellor John McDonnell said: “Does the chancellor really believe the NHS can wait another eight months for the lifesaving funds it needs? How many people have to die waiting in an ambulance before he acts?”

Mr Hammond's speech to the House of Commons also unveiled consultations on potential future policies including:

• Taxing single-use plastic
• Online platforms that would help users pay the correct amount in tax
• The future of cash and digital payments.