Under the last Labour government – “by the way, they don’t call it the last Labour government for nothing” – Corporation tax was higher, he says.
OBR has upgraded its forecast for growth next year from 1.4% to 2 % He thanks the OBR for its report received today. And he thanks his ministerial team.
But there is no room for complacency, he says.
Dept is too high. Too many young people leave school without skills. And too many families are feeling the squeeze.
Hammond says in 2016 the UK’s growth was second only to Germany in growth amongs the major economies.
There is now a higher proportion of women at work than ever before, including in the parliamentary Conservative party.
Hammond says this is the last spring budget.
The Treasury reminded him he is not the first chancellor to announce this. Norman Lamont made the same pledge 24 years ago. But 10 weeks later he was sacked Hammond says the economy has continued to confound the commentators with robust growth.
He says the budget extends opportunity to the young, delivers investment in public service and continues the task of getting Britain to live within its means.