UK growth may be modest, but that's enough for Hammond

GDP figures defying the gloomy forecasts will bring cheer before the chancellor's spring statement

Surveys of business have been universally bleak. The Bank of England and the Organisation for Economic Cooperation and Development have cut their growth forecasts. Warnings from multinational companies about the consequences of a no-deal Brexit have been coming thick and fast.

Little wonder, then, that the financial markets feared the worst from the last heap of official data before Wednesday's spring statement from Philip Hammond. The feeling was that the chancellor would give his latest update against the backdrop of an economy losing further momentum after a sluggish end to 2018.

Related: UK economy rebounds in January despite Brexit uncertainty