The Chancellor started by stating that economic forecasts are better than previously anticipated, and that the UK is the second-fastest growing economic in the G7 in 2016 after Germany, with employment being at a record high (and a further 650,000 people expected to be in employment by 2021). Office for Budget Responsibility Growth Forecast for 2017 has been upgraded from 1.4% to 2%, however GDP has been downgraded to 1.6%, 1.7% and 1.9% in subsequent years.

Debt remains high at £1.7 trillion, however the Chancellor confirmed that the Government is going ahead with its plan undetermined by short term fluctuations and stated that they will “avoid saddling our children with even more debt”. Public sector net borrowing forecast to fall from 3.8% of GDP last year to 2.6% this year, then 2.9%, 1.9%, 1% and 0.9% in subsequent years, reaching 0.7% in 2021-22. Debt rose to 86.6% this year, but will fall to 79.8% in 2021-22.

The Chancellor assured the House that the party is listening to the voice of business, and has reviewed the R&D tax credit regime, with the conclusion being that it is globally competitive. Out of the review, HMT has accepted a reduction on administrative burdens and will be bringing forward measures shortly to deliver them.

In relation to business rates, the Government will set out its preferred approach going forwards in due course, but has ruled out abolishing them completely. However, he has confirmed that (1) any business coming out of small business rate relief will have a cap, no more than £50 a month in 2017 (2) local pubs will have a £1000 discount on business rates with rateable value of less than £100,000 (3) local authorities will be given £300 million for discretionary relief on individual complicated cases in their areas. Taken together, this will equate to a £435 million cut in business rates.

Due to Government action on tax evasion and non-compliance, we have one of the lowest tax gaps in the world and that £820 million will be raised due to action being taken over the forecast period. There will also be new financial penalties for professionals who enable tax avoidance arrangements later defeated by HMRC. The Chancellor has also confirmed that the top 1% of income tax payers pay 27% of all income tax.

For self-employment, the Prime Minister has instructed the Chief Executive at the RSA to look at different employment practices and discrepancies, but has already said that there are clear differences in tax between self-employment and employment. The Chancellor explained that the difference in NICs is not fair, and will reduce the gap to better reflect difference in state benefits. He confirmed that Class 2 NICs will be gone by April 2018 as its regressive and should go, but there will be increases in Class 4 NICs.

Real wages have grown for 27 straight months, and the poorest householders are having labour incomes rise more than compared with other countries in the G7. The National Living Wage will rise to £7.50 in April, with 29 million people being better off.

A new minimum excise duty on cigarettes based on a packet price of £7.35, there will be no increases in alcohol or tobacco duties on top of those previously announced, and vehicle excise duty rates for hauliers and the HGV Road User Levy frozen for another year.

For the tax free childcare policy, £2,000 per year will be given to families for each child under 12, and will be rolled out by the end of the year for eligible families. In total, the Government will have spent £6 billion on childcare by the end of the Parliament. The Government has also committed £5 million in promoting those returning to work after career breaks.

In addressing productivity, the Government is investing £300 million to support best research talent focussed on STEM subjects. £16 million will go to a new 5G mobile hub, and £200 million to full fibre broadband networks, and £270 million for new technologies such as robots and driverless vehicles.

The Government will be publishing its Midlands Engine Strategy tomorrow, and today confirmed that more money will be going to devolved nations: £350 million to Scotland; £200 million for Wales; and almost £120 million for Northern Ireland.

For education, the Government is committed to continued investment and announced that 89% of schools are now good or outstanding. The Chancellor announced that in addition to the 500 free schools already promised, there will be a further 110 new free schools, and £216 million will be made available for existing schools. Free school transport will be extended to all children on free school meals who attend a selective school. The Maintenance Loan will be made available to part time undergraduates for the first time in addition to those studying technical courses at new technical higher education institutions, and there have been 2.4 million apprenticeships in the last Parliament. The Government is also introducing T Levels (new technical qualifications) and will enable a 50% increase of training hours for those aged 16 to 19 on technical placements.

The Chancellor saved the most talked about until last – social care. The Government has committed to an extra £2 billion grant funding to social care over the next three years in England, with £1 billion being made available in 2017/18. This will enable Local Authorities to start planning and commissioning projects now, and will free up beds in hospitals to enable elderly people to get the care they need in the community. There will be a Green Paper later this year on future funding.  £100 million will be used to have GPs in A&E departments in time for next winder, and an additional £325 million will allow the first NHS Sustainability and Transformation Plans to proceed.

Immediate reaction from the Opposition? Jeremy Corbyn has called it a “Budget of utter complacency”, and that the Government’s priorities are “appalling”.