Philip Hammond: “That is not what the British people voted for”

This was announced during today’s (March 13) Spring Statement. Hammond said that assuming a Brexit deal is agreed and uncertainty lifted, he will launch a "full three-year spending review" before the summer break.

He added: "Higher unemployment; lower wages; higher prices in the shops. That is not what the British people voted for in June 2016.”

As part of the statement, the chancellor also announced updates to apprenticeship reforms. From April 1 employers will see the co-investment rate they pay cut from 10 percent to five percent.

As well as this, levy-paying employers are able to share more levy funds across their supply chains, with the maximum amount rising from 10 percent to 25 percent.