The Spring Statement delivered precious little in the way of new policy with any substantive measures set to wait until the Budget in November.

There was a slight increase in the Office for Budget Responsibility’s (OBR) economic growth forecast for 2018 from 1.4% to 1.5%. The OBR’s borrowing forecast is down from £49.9bn to £45.2bn – although this drop was somewhat less than had been anticipated – and the body also trimmed its inflation forecasts.

Chancellor Philip Hammond announced more than £1.5bn of the £3bn allocated for Brexit preparation had been allocated to departments and devolved administrations for 2018/2019.

The next business rates revaluation is to be brought forward from 2022 to 2021. Government consultations are set to take place on how to use the tax system to encourage responsible use of plastic and on the future of digital payments and cash in the economy.

The Federation of Small Businesses welcomed a pledge to help smaller companies deal with late payments.

Hetal Mehta, senior European economist at Legal & General Investment Management, says that despite the improved GDP figures ‘we don’t expect Hammond to go on a spending splurge in the Autumn Budget. ‘He will likely save the extra room for manoeuvre ahead of the next election and to cushion any downside risks emerging from the UK’s departure from the EU.’ (TS)

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