Business Live: Budget reaction

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Liz Martin, UK economist at HBSC, says Philip Hammond has used the "windfall" he received from the Office for Budget Responsibility.

The OBR's calculations gave the chancellor more leeway because it concluded that revenues were going to be higher than previously expected.

But she told Today: "They've used it. He's spent that windfall."

She added that numerous risks could impact the Budget, including a "no deal" Brexit. There is also no goal for balancing the national budget, along with "very little appetite for further cuts".

So was it fair for Mr Hammond to say austerity is ending?

"[All the spending] is going on the NHS, with a bit more for defence... but if you look at welfare spending it's down a bit. It's kind of debatable," Ms Martin said.

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