Philip Hammond has set out his Budget plans in the House of Commons, where he confirmed a £20.5 billion real terms increase for the NHS over the next five years and stated that the "era of austerity is finally coming to an end".

The Chancellor's announcement follows Theresa May's declaration in her Conservative Party conference speech that the era of austerity was finally ending with a cautious loosening of the public spending purse strings.

The Chancellor said the Office for Budget Responsibility (OBR) expected "resilient" growth over the coming years, resulting in a "brighter future" as more can be spent on public services following years of constraint imposed following the financial crash.

Addressing the Commons Mr Hammond told MPs that the Office for Budget Responsibility (OBR) has upgraded its forecast for gross domestic product (GDP (the market value of all the final goods and services produced)) growth in 2019 from 1.3% to 1.6%, then 1.4% in 2020 and 2021; 1.5% in 2022; and 1.6% in 2023.

However, the OBR's forecast is based on a smooth and orderly Brexit.

He continued the OBR predicts 800,000 more jobs by 2023, resulting in over 4.2 million net new jobs since 2010.

Full coverage of the Budget: https://bit.ly/2OYHw5c

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