Summary

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

  • Hammond cuts 2019 growth forecast to 1.2%

  • UK will grow 1.4% in 2020, as previously forecast

  • Hammond to chair roundtable on minimum wage on productivity

  • Borrowing to be £3bn less than forecast

  • £37bn National Productivity Fund

  • Landing paper cards to be ended for some countries

  • £3bn for affordable homes

  • Hammond: end of fossil-fuel heating systems in all new houses from 2025

  • Free sanitary products in schools in England next year

  • Audit committees to review late payments

  • £100m for police to tackle knife crime

  • No deal Brexit short-term hit to the economy says Hammond

  • Hammond: Confident of Brexit deal

  • UK to cut tariffs in no-deal Brexit

  • CBI warns of "sledgehammer" to UK economy

  • Carmakers attack tariff plan

Live Reporting

Bill Wilson

  1. Productivity down

    BBC Radio 5 Live

    philp hammondAFP/GETTY IMAGES

    Kimberley Scharf of Birmingham Business School tells Wake Up To Money what is already known before Philip Hammond delivers his Spring Statement.

    “We know public finances are in a better shape than we thought they were….we know the deficit is going to be much less in 2018/9 than it was forecast to be. On other hand, all this positive new is offset by the fact that productivity is down,” she said.

    She says the Chancellor is delivering the statement against an uncertain backdrop. "He has no idea what's going to happen this afternoon [in the no deal Brexit vote]".

  2. Asia markets fall

    People look at stock boards in Hong KongGetty Images

    It's been a bleak session so far for markets in Asia.

    Japan's Nikkei 225 index dropped 1.2%, while the Shanghai Composite lost 0.4% and Hong Kong's Hang Seng pulled back 0.6% in afternoon trading.

  3. Could tariffs drop to zero?

    shipping containers

    Details on post Brexit trading tariffs in the event of a no-deal are set to be published later.

    Reports last week suggested they could be drastic with cuts on between 80% and 90% of goods, with some tariffs being scrapped completely.

    If you need a refresher on what tariffs are and what they aim to do, here's a handy explanation.

  4. Competition concerns

    BBC Radio 5 Live

    Workers at nissanGetty Images

    Sally Jones, Deloitte UK’s director for International Trade Policy, has been speaking about the UK's trading arrangements after Brexit and expectations that more information will be released today.

    She told Wake Up To Money that industries such as steel, ceramics and agriculture were concerned their products would be "less competitive".

    This is because they are already operating in markets where there are already high tariffs under the World Trade Organization rules and also where there is a lot of international competition.

    Taking cars as an example, tariffs here can be as high as 25% for component parts, and 10% for finished cars under WTO rules, she said. "If we chose to set a zero tariff on those components and finished cars for import into the UK then you would see competition for our plants in Sunderland and similar would be increased".

  5. Spring Statement: It's not a budget

    Dharshini David
    Economics Correspondent

    Philip hammondreuters

    The Spring Statement is not a budget. That is to say, don't expect any significant announcements on tax and spending.

    The chancellor himself has dubbed it a fiscal "non-event".

    Why bother then?

    Since 1975, the government has been legally obliged to produce its projections for the economy and the public finances twice a year.

    Read on.

  6. Good morning

    Welcome to another day on business live.

    Chancellor Philip Hammond is scheduled to deliver his Spring Statement later today. The Chancellor has described it as a fiscal non event but there will be forecasts, prepared by the Office for Budget Responsibility, about the economy.

    After last night's defeat of Theresa May's Brexit deal, for the second time, MPs will now get a vote on whether the UK should leave the EU without a deal.

    Information about the UK's tariffs for trading in the event of a no deal Brexit is expected to be released later.

    Companies reporting today include Morrisons, Prudential and Balfour Beatty. We'll also be watching Boeing, with the US Federal Aviation Authority (FAA) not suspending Boeing 737 Max aircraft despite mounting pressure from senators and workers' unions.

    Do get in touch: bizlivepage@bbc.co.uk