Image source, Reuters

The UK will go from being top of the growth league among G7 economies this year to a middling position in 2017 and 2018, points out John Hawksworth, chief UK economist at accountancy firm PwC.

To take the strain of slower growth, the Chancellor has allowed extra borrowing and set a new deficit target, he says.

Image source, Getty Images

Robert Chote says that the OBR did not base its economic forecasts by modelling different scenarios regarding Brexit, but chose instead to make some broad-based assumptions.

The Institute for Fiscal Studies tweets:

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When George Osborne was Chancellor, he had a penchant for springing a surprise on occasions like today.

But his successor took a different approach. There were no "big rabbits out of hats", says Carolyn Fairbairn, director-general of the CBI.

Instead, there was a "welcome down payment on future productivity" from policies such as the £23bn investment fund, she says.

BBC Radio 5 live

Sajid Javid, Communities and Local Government Secretary, says the Autumn Statement shows the Conservatives "are the only party that can be trusted" with the public's finances. 

Asked by BBC Radio 5 live's Sarah Brett how that was "possible" given the party had missed "every single deadline", he said their policies were "long term".

"I don't think anybody expects these measures to turn things around overnight, but what it does show is we're serious about it," Mr Javid said.

Some social media users have been left underwhelmed by the Chancellor's decision to axe the Autumn Statement.

BBC business reporter Ian Pollock answers your questions.

Economics correspondent Andy Verity tweets:

According to the OBR's estimates, some £58.7bn of the extra £122bn in government borrowing is because of Brexit. 

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Philip Hammond is here to listen, according to the Royal Institution of Chartered Surveyors (RICS).

Its head of policy, Jeremy Blackburn, describes Mr Hammond as "something of a political novelty"  in that he is "a chancellor who listens".

While he says Mr Hammond has delivered a wait-and-see statement on housing, Mr Blackburn adds: "He clearly understands the housing sector better than his predecessors."

He says: "Now it seems that through the relaxation on grants to deliver a wider range of housing types, Hammond will drive an affordable rental agenda and can get Britain building in a way that benefits a cross section of society, not just the fortunate few."

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Consumers are going to "feel the squeeze", according to OBR chairman Robert Chote. 

CPI inflation will peak at 2.6% in spring 2018 while productivity and wages will fall. 

He reckons people will be 3% poorer. 

OBR chief Robert Chote also explains some of the assumptions about Brexit that affected its forecasts:

• The UK will leave the EU in April 2019
• New trading arrangements will slow import and export growth in next ten years
• There will be a tighter migration regime in the UK and it'll be a less attractive place for foreign workers
• EU-wide taxes, such as VAT, won't change straightaway
• It didn't take a view on whether there would be passporting - the EU-wide licences that financial firms are pushing to keep

The OBR is keeping its powder dry on Brexit...

Image source, Gett

Robert Chote, chairman of the Office for Budget Responsibility, is speaking about the forecasts for economic growth.

He says that the Treasury has refused to say if the promises given to Nissan will impose future extra costs on taxpayers.

Last month, Nissan confirmed it will build both the new Qashqai and the X-Trail SUV at its Sunderland plant following government "support and assurances".  

Image source, HM Treasury

By the end of this parliament, net debt will have risen by £220bn. Here's how it breaks down, from the Autumn Statement, external itself. 

Laura Kuenssberg
BBC political editor

The BBC's political editor has found a figure tucked inside the Autumn Satement for how much it will cost Whitehall to go through the Brexit process.

It estimates a cost of £412m. "Just on admin - that's quite a big cheque."

The Brexit vote to leave the EU has seen borrowing forecasts climb. Social media users have been sharing their views:

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The Liberal Democrats claim it is the government that is "just about managing".

Leader Tim Farron says: "The official figures have revealed a £220bn Brexit black hole - hundreds of billions taken out our economy when we need it most. Given how bad the outlook is, it’s no wonder the Chancellor doesn’t want to have to do another Autumn Statement."

That £220bn is the projected increase in national debt by the end of parliament, to a massive £1.9 trillion. 

Mr Farron also claims: “We are seeing a drop in tax receipts of £8.2bn over the next two years alone. That’s enough to fund over 330,000 nurses."  

He concludes: "Sadly now patients will pay the price. There is also nothing for public sector workers, our doctors, teachers and armed forces, who deserve a proper pay rise.”

Lord Porter, chairman of the Local Government Association, says: