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Chancellor Philip Hammond has updated Parliament on the state of the economy and the nation's finances. Here are the main points from his Spring Statement.

Economy

Growth forecast for 2018 revised upwards from 1.4% to 1.5%

1.3% growth forecast for 2019 and 2020 left unchanged

Inflation forecast to fall from 3% now to 2% by end of year

Wages expected to rise faster than prices over the next five years

Public finances

Government forecast to borrow £45.2bn in 2017-8, £4.7bn lower than predicted in November

Borrowing forecast to fall every financial year to £21.4bn in 2021-22

Debt as a share of GDP to fall from 85.6% in 2017-8 to 85.5% in 2018-9

Ratio set to drop to 85.1% in 2019-20, 82.1% in 2020-21 and 78.3% in 2021-22

Cost of debt interest payments remains about £50bn a year

Spending

£1.5bn allocated so far to departments to prepare for Brexit in March 2019

£1.67bn given to London to start building a further 27,000 affordable homes by end of 2021-22

Budget for Housing Growth Partnership to be more than doubled to £220m

The National Living Wage will rise, as previously announced, to £7.83 an hour in April

Tax

60,000 first-time buyers have benefited from stamp duty holiday in November's Budget

Consultation on reducing tax on the least polluting vans

Consultation on tax changes to discourage use of single-use plastic, including takeaway boxes and disposable cups

£20m for firms businesses and universities to research ways to reduce plastic's environmental impact

Consultation on a new VAT collection mechanism for online sales

Government sets out ideas for "fairer" taxation of multinational digital businesses

Consultation on extending current training tax relief to self-employed people and employees

Business