Philip Hammond will deliver the Spring Statement to Parliament in 20 minutes Follow all the updates with our live blog:
The Office for Budget Responsibility is expected to slash its growth forecasts for the UK economy. Its October projection estimated 2019 growth to be 1.6pc but the economic backdrop has deteriorated since the Autumn Budget. The fiscal watchdog will downgrade its borrowing estimates after a bumper tax haul in January. Government borrowing is currently at its lowest level for 17 years at £21.2bn and £18.5bn lower than last year.
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