Spring Statement: Philip Hammond hails better debt and growth forecasts

Chancellor Philip Hammond has unveiled upgraded projections for growth and predicted falling inflation, debt and borrowing in his Spring Statement.

He claimed the UK economy had reached a turning point and there was “light at the end of the tunnel”.

He ruled out an immediate end to austerity but hinted at possible spending rises in the future.

Labour accused him “astounding complacency” in the face of the worst ever public sector funding crisis.