Spring statement 2018: the chancellor's key points at a glance

Philip Hammond has delivered his first spring statement. Here are the key points, with political analysis
" Spring statement 2018 - live blog

"Forecast of 1.5% growth for 2018, revised up from 1.4%.

Peter Walker, political correspondent: The start of the statement has seen Hammond at his most political - and defiantly upbeat. He accuses Labour of 'talking Britain down' and, making fun of his Eeyore image, saying he is 'positively Tigger-ish' in his outlook. All very well - but will it resonate with those people still experiencing stagnant wages?

PW: As expected, Hammond has some cautiously positive news on borrowing, calling it 'a turning point in this nation's recovery'. Again, he is overtly party political, blaming the deficit on the last Labour government and saying a Corbyn government would increase the debt again. We even get two mentions of Hammond's favourite current phrase of 'light at the end of the tunnel'.

PW: Hammond returns to another of his favourite phrases, saying he takes a 'balanced approach' on extra spending versus reducing the deficit. This is still sensible Phil, even though he hints at possible extra spending after 2020.

He quotes several large numbers on investment in schools, the NHS and social care. But again, he faces the problem: does this coincide with what voters are actually experiencing?

PW: In announcing new measures to seek to boost productivity, Hammond remains very party political, with attacks on John McDonnell, the shadow chancellor. He calls the Conservatives the voice of business.

This might generally be seen as the case, but it's worth remembering that most big business groups, such as the CBI, are currently pretty worried about the government's Brexit plans.

PW: Amid some general talk about infrastructure spending Hammond singles out spending on housing - seen as a major political problem for the government - for detailed attention. This follows Theresa May's big speech on housing last week.

The one announcement - of a deal for 215,000 new homes by 2030 - is with the West Midlands, which happens to have a Conservative mayor, Andy Street.

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PW: Hammond ends to a series of cheers from his backbenchers, who sound buoyed by his tone, which while perhaps not as Tigger-ish as promised, was upbeat, if (as expected) low on new announcements.

Speculation about Hammond's future is something of a constant given his unpopularity with many pro-Brexit Tories, but this was a confident chancellor who feels his approach is being vindicated by some good news - even if it might not feel that way to many around the country.