Summary

  • Get in touch: bizlivepage@bbc.co.uk

  • Dollar and Dow Jones end the day lower

  • Actress paying the Queen paid less than Prince Philip

  • Government floats idea of abolishing 1p and 2p coins

  • Chancellor signals stronger growth in Spring Statement

  • OBR revises 2018 GDP forecast upwards, from 1.4% to 1.5%

  • Government borrowing expected to decrease

  • Inflation predicted to fall 'back to target' by 2019

  • Labour warns of further austerity

Live Reporting

Lucy Hooker

  1. The end of austerity? Not a chance

    Today Programme
    BBC Radio 4

    Anti-austerity campaignersGetty Images

    Will Philip Hammond announce an end to austerity in the Spring Statement as some have hoped?

    Not a chance, reckons Lucy O'Carroll, chief economist at Aberdeen Standard.

    “Hammond’s made it very clear that austerity is not going to end,” she tells the BBC’s Today programme.

    “That’s a political choice at this stage in the economic cycle rather than an economic imperative. He seems very focussed on maintaining the purse string tightly and not increasing spending substantially until the next spending round in potentially 2020."

    That means the UK will have at least a decade of austerity.

  2. Scottish economy trails rest of the UK

    Today Programme
    BBC Radio 4

    Scottish sheepGetty Images

    Ahead of the Spring Statement, BBC's Today programme has been looking at the state of the Scottish economy with the help of Lucy O'Carroll, chief economist at Aberdeen Standard Investments.

    She says the Scottish economy is being held back by a difficult productivity performance and a puzzle around the labour market in that while there's high rates of employment, it's not showing through in pay growth.

    "There are therefore signs of consumer sentiment weakening and perhaps some restraint on spending coming through," she warns.

    One bit of good news, though: Scotland has a higher female employment rate than the rest of the UK.

  3. Qualcomm block shows US is 'not for sale'

    Donald TrumpGetty Images

    Last night, US President Donald Trump stopped the takeover of chipmaker Qualcomm by Singapore-based rival Broadcom on grounds of national security.

    Only five takeovers of US companies have been blocked by the sitting president because of concerns about national security, according to Bloomberg.

    It points out that Barack Obama blocked two deals during his two terms, while Mr Trump has blocked two in six months.

    Scott Kennedy who studies China’s economic policy at the Center for Strategic & International Studies, tells Bloomberg: "This decision hangs a huge ‘not-for-sale’ sign on just about every American semiconductor firm."

  4. Brexit uncertainty 'not helping'

    BBC Radio 5 live

    The uncertainty about how Brexit will affect the economy is not a good state to be in, University of York economics professor Gulcin Ozkan has told 5 live's Wake Up To Money.

    "We are all, particularly as economists, concerned about Brexit and I’m personally very worried about it," she said.

    "Looking ahead, uncertainty is always bad for the economy and when you have uncertainty on that scale it’s very worrying.

    "Resolving that soon is going to make a huge change to people’s decision-making processes."

  5. The ins and outs of the British shopping basket

    GinGetty Images

    Away from the Spring Statement, there are other announcements to watch out for including an update on what is in the UK's inflation basket.

    Looking at what is in the typical Briton's shopping basket helps the Office for National Statistics to determine the Consumer Price Index measure of inflation.

    In 2017, jigsaws, gin and cycling helmets were added.

    Which possibly says a lot about the British psyche.

    On the subject of gin, at 7.00am upmarket mixers maker Fever-Tree will announce its full-year results.

    Mining giant Antofagasta, retailer French ConnectiGijon and oil explorer Cairn Energy will also publish their annual finances.

  6. Why chewing gum matters

    Chewing gumGetty Images

    Did you know that chewing gum is made of plastic?

    Well, it is - synthetic rubber to be exact.

    And it is one of the products that will snared in Philip Hammond's so-called "litter levy" which will be unveiled today when he gives his Spring Statement at 12.30pm in the House of Commons.

    The hope is a tax on single-use plastic would raise money and help the environment.

    The snag is, however, how do you legally define what single-use plastic is?

    Economics editor Kamal Ahmed examines the sticky problem in his blog which you can read here.

  7. No big cheque for the NHS...yet

    NHS wardPA

    While Philip Hammond is not expected to make any big announcements on spending - despite government borrowing forecast to be some £10bn lower that originally thought by the Office for Budget Responsibility - there is talk in the Commons about a boost for the NHS later on this year.

    Read political editor Laura Kuenssberg's full report here.

  8. Good morning!

    Welcome to Business Live and a busy day ahead.

    Chancellor Philip Hammond will announce his Spring Statement at 12.30pm when he expected to reveal better than expected borrowing and announce a "litter levy" - a tax on single-use plastic including chewing gum.

    While there is expected to be good news in Mr Hammond's statement, don't expect any big flourishes on spending.

    Stay with us for full coverage of the statement - and the reaction - throughout the day.

    As always, we'd love to hear from you. Email us at bizlivepage@bbc.co.uk