The real budget story is the sharp cut in growth forecasts | Larry Elliott

Philip Hammond could have responded to bad economic news with cuts - instead he has increased spending and borrowing

Forget the extra money for housing. Put to one side the package of support for the NHS. Ignore the willingness to throw money at sorting out universal credit. The real story from the budget was slower growth not just this year but every year up until 2022.

This downgrade has been a long time in coming. Ever since it was founded, the independent Office for Budget Responsibility has wrongly predicted a pick-up in productivity growth and is now heartily sick of ending up with egg on its face.

Related: Key points from budget 2017 - at a glance