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As it happenedended

Budget 2017 live - key points: Tories pivot to public spending in bid to keep out Corbyn

Follow all the latest updates as Chancellor presents his 2017 Budget

Benjamin Kentish
Tuesday 21 November 2017 12:26 EST
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Budget 2017: Chancellor abolishes Stamp Duty

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Welcome to The Independent’s liveblog with coverage of the response to Philip Hammond’s Budget.

The Chancellor was forced to admit that growth and productivity forecasts had been downgraded, with the Official for Budget Responsibility (OBR) predicting lower growth than at any time in its history.

It comes after the UK’s finances unexpectedly worsened last month after the Office for National Statistics (ONS) said public sector net borrowing – stripping out state-owned banks – jumped by £500m to £8bn in October.

Despite this, Mr Hammond used the Budget to announce a splurge of new investment, including £3bn set aside for preparing for Brexit, an immediate £350m cash boost for the NHS, a £2.5bn investment fund and £500m support for the tech industry. This can partly be seen as a response to Labour's shock performance at the polls earlier this year, which has forced the Tories to do more to address rising anger at inequality, and try to quell support for Jeremy Corbyn.

Follow the 2017 Budget as it happened below

A series of small giveaways had earlier been trailed by the Treasury, including extending discount railcards to 25-30 year-olds from next Spring and tackling overpayments of student loans.

This was a Budget in which Mr Hammond could not afford any major slip-ups. Tory MPs were nervous of a repeat of the excruciating U-turn on a key announcement in the Budget in Spring, where the Chancellor was forced to pull the plug on his plan to raise taxes for the self-employees through increased national insurance contributions after considerable pressure from Conservative MPs.

If there is any repeat of this, Mr Hammond's position in Number 11 will be very precarious indeed.

Move over Morecambe and Wise, Mitchell and Webb, Harry and Paul: we have a new double act in town. Referencing May's infamous Tory conference speech, Hammond says he asked the PM to bring a packet of cough sweets for him. She promptly pulls out a box of Strepsils and places it on the despatch box. The Mother of Parliaments...

Kristin Hugo22 November 2017 12:49

Kristin Hugo22 November 2017 12:50

"1.4 million people out of work is 1.4 million too many", the Chancellor says.

He welcomes the OBR forecast that 600,000 more people will be in work by 2022. 

Kristin Hugo22 November 2017 12:51

More, by Lizzy Buchan, on the announcement - the only one so far - that £3 billion will be set aside for preparing for Brexit. 

Kristin Hugo22 November 2017 12:53

National debt will peak this year and then begin to fall, Hammond quotes the OBR as saying. Of course, the Tories initially promised to abolish the deficit by 2020-21.

Kristin Hugo22 November 2017 12:55
Kristin Hugo22 November 2017 12:56

Hammond announces fresh investment in driverless cars. "Some may choose to reject the future, we choose to embrace it", he says.

£400 million will also be spent on charging points for electric cars.

Kristin Hugo22 November 2017 13:02

Here are those OBR growth forecasts in full 

Kristin Hugo22 November 2017 13:02
Kristin Hugo22 November 2017 13:03

Kristin Hugo22 November 2017 13:07

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