Spring statement: Philip Hammond to unveil improved growth and borrowing forecasts – business live

Rolling coverage of Chancellor Philip Hammond’s spring statement at 12.30pm, including the latest growth and borrowing forecasts for the UK

8.49am GMT

Philip Hammond is also likely to launch several consultations today, which could lead to reforms and policy changes in the autumn budget.

8.25am GMT

Good morning. Philip Hammond is about to create a little bit of history, when he unveils the UK’s first ever spring statement.

“There is light at the end of the tunnel, because what we’re about to see is debt starting to fall, after it’s been growing for 17 continuous years. That’s a very important moment for us.

“But we are still in the tunnel at the moment.

Next week I’ll be delivering my Spring Statement and providing an update on the UK economy. Here’s what the Spring Statement is all about.pic.twitter.com/AqlBsx7FOc

Source: FS – All – Economy – News 2
Spring statement: Philip Hammond to unveil improved growth and borrowing forecasts – business live