Budget 2017: Hammond masks gloomy outlook with stamp duty cut

Chancellor calls it a 'balanced' budget and uses eye-catching offer to first-time buyers to counter Britain's deteriorating economic prospects

Philip Hammond placed a stamp duty cut for first-time buyers at the heart of his budget on Wednesday as he sought to mask Britain's deteriorating economic prospects by pledging to "revive the homeowning dream".

Faced with evidence showing that the UK will be one of the weakest growing major economies in the next five years, the chancellor announced a modest increase in funding for the NHS, and announced 15bn of measures to tackle the housing crisis.

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The Office for Budget Responsibility is the government's independent forecaster, which gives its verdict on the outlook for growth and the public finances twice a year.