Chancellor Philip Hammond delivered a Budget yesterday that was upbeat in the context of gathering storms- in the form of a potential no-deal on Brexit.

An easing of small business rates to help the high street and a relatively small tax on tech giants were part of the package.

But most significantly, recently improved tax receipts gave the chancellor some room to maneuver.

This is the largest “fiscal loosening” – extra spending by the government not matched by tax rises – since 2010.

The chancellor said that public spending would increase by 1.2% a year over five years from 2020