Donald Trump’s planned spending splurge and tax cuts will create an economic boom in 2017 and 2018 - but a recession in 2019, according to economists at Legal & General.

The incoming US President has promised to spend $1 trillion with extra cash for the armed forces and for infrastructure building, as well as slashing federal corporation and income taxes.

L&G Investment Management’s head of economics Tim Drayson believes that will push up economic growth to around 3pc in 2018, roughly double its current pace.