The Office for Budget Responsibility has reported a fall in borrowing, defying predictions that the economy would suffer in the event of a Brexit vote.

Chancellor Phillip Hammond delivered his first Spring Budget to Parliament today.

He said that public sector net borrowing for 2016/17 would be £16.4 billion lower than expected.

In Autumn 2016, the OBR predicted that borrowing would reach £51.7 billion.

This goes against the arguments of pro-EU group, Stronger In, that the economy would face significant damage in the aftermath of a Brexit vote.

But Labour Leader Jeremy Corbyn accused the Government of 'utter complacency' over the economy.

Key measures

Borrowing is predicted to be £24 billion lower than anticipated.

The OBR upgraded growth figures from 1.4% to 2% for 2017.

However, growth is anticipated to slow down to 1.6% in 2018 and then 1.7% in 2019.

In response to the recent hike in business rates, those businesses moving out of Small Business Rate Relief will benefit from an extra cap.

Clare Kober, chair of the Local Government Association's resources board, welcomed this pledge, but warned that local councils will be left 'out of pocket' due to a failure to clarify relief rates.

The further education sector was prioritised in today's Budget.

T-Level qualifications have been introduced for college students.

By ring-fencing FE, the Government has committed £500 million to increase the amount of hours 16-19 year old technical students currently benefit from by 50%.

110 new free schools will be created, in addition to the existing 500, which consists of new maths schools and grammars.

Free school meal pupils will receive free transport.

The NHS has been provided with an additional £2 billion to settle the social care crisis throughout the forthcoming three years. £1 billion will be available for health care in 2017/18.

£300 million was set aside to invest in new research talent.

But those experiencing the biggest tax hike will be the self-employed.

Tax hike

Class 4 National Insurance Contributions for the highest paid self-employed workers will witness a 10% spike in taxes in April 2018, a 9% increase. It will then jump to 11% in April 2019.

This breaks the Tory manifesto promise during the 2015 General Election not to increase National Insurance contributions.

Manifesto pledge broken

UKIP deputy chair Suzanne Evans accused the Government of attacking British wealth and job creators.

Corbyn said that the Government have failed to tackle falling wages and suggested they were 'completely out of touch with the reality of life for millions.'

Nonetheless, the socialist failed to reply to the tax increase for Class 4 self-employed workers.

This is despite being warned about them in advance of the Budget.

Liberal Democrat Leader Tim Farron said on Twitter that this Budget hits 'white van man' and breaks a key Conservative manifesto pledge.

The Chancellor delivered his Budget from 12.30pm today. You can catch the full speech at: