Six things we've learned from the spring statement

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The predictions, made by Office for Budget Responsibility, would put the United Kingdom among the slowest among major economies as global growth picks ups, and are also drastically more pessimistic than those from before the Brexit referendum.

Philip Hammond has said there is "light at the end of the tunnel" for the United Kingdom economy, with the government's official forecaster upgrading short-term growth projections and predicting falls in inflation, debt and borrowing - but warning of the growing impact from Brexit in future years.

These growth forecasts are still well below what was projected in March 2016 before the Brexit vote, when growth was expected to reach 2.1% in 2018, 2019 and 2020.

In response, shadow chancellor John McDonnell told MPs "we face, in every public service, a crisis on a scale we have never seen before".

He said that a business-rate revaluation would happen a year earlier than expected, that more money would be pumped into affordable housing, and that a call for evidence would be launched into measures to end late payments - a practice that has been crippling thousands of small businesses for years.

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The Chancellor ruled out extra spending in tomorrow's Spring Statement, but said there was "light at the end of the tunnel".

Expect Mr Hammond to play down the contentious issue of the divorce bill and play up the need to pay down debt.

He told the Commons:"If, in the autumn, the public finances continue to reflect the improvements that today's report hints at then I would have capacity to enable further increases in public spending and investment in the years ahead, while continuing to drive value for money to ensure that not a single penny of precious taxpayers' money is wasted".

The nine-week consultation will look at the "whole supply chain" for single-use plastics, and examine ways to deliver renewable alternatives and recycling opportunities.

Philip Hammond to present his Spring Statement - so what's in it?

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But wait. isn't Hammond forgetting the looming economic disaster of Brexit?

In the table, you can see inflation predictions from the Spring Statement alongside forecasts from the Autumn Budget.

The OBR has already upgraded its fiscal forecasts twice over the a year ago, in March 2017 and November, as tax receipts have come in stronger than previously expected.

Hammond's Treasury deputy Liz Truss said there would be "no red box, no rabbits out of the hat and no tax changes".

Although there were no announcements on any major new policies, Hammond said that the government was on track to meet its building targets for new homes.

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