'Tigger' Philip Hammond is full of bounce – but long-term outlook is gloomy | Larry Elliott

Chancellor put a positive spin on the economy, but OBR thinks it will take many years to get better

Call me Tigger. That was Philip Hammond's message to MPs in his spring statement as he sought to shed his reputation for being the cabinet's Eeyore, always seeing the cloud to every silver lining.

Growth had been revised up by the independent Office for Budget Responsibility, Hammond said, while the budget deficit had been revised down. Manufacturing was enjoying its longest unbroken run of growth in 50 years. Before too long, wages would start rising faster than prices.

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