‘Philip Hammond braced middle earners for tax rises last night, as he prepared to use today’s Budget to tighten his grip on the public finances while Britain leaves the EU.
The Chancellor will upgrade growth forecasts again today when he delivers what Treasury sources last night described as an ‘upbeat assessment’ of the economy’s performance since the EU referendum.
But, with the formal process of leaving the EU potentially just days away, he last night stressed the need to make the economy ‘resilient’ to potential turbulence.
The Chancellor will also say that he is determined to continue tackling the huge deficit left behind by the last Labour government. In a stark warning last night, the Treasury said Mr Hammond believed ‘a strong economy is built on resilience, so the Government will continue reducing the deficit, not shirking the difficult decisions on tax and spending, while still investing in Britain’s future’.’