He told the House of Commons that the new GDP forecast is that the UK will grow by 3 per cent this year – higher than previously expected.
The economy has grown faster than previously reported, up more than 8% over this Parliament, he told MPs. By 2019-20 Britain is now predicted to have a surplus of £23 billion.

{desktop}{/desktop}{mobile}{/mobile}

He said: "A year ago, we expected GDP to grow by 2.4%. In March we expected 2.7%. Today, the British economy is forecast to grow by 3%.

"Unemployment is revised down in every single year of the OBR forecast.
"'The OBR predict that meaningful real wage growth will pick up through next year and grow above inflation for the next five years."
Some 85% of new jobs are full time, he said.
He said when the Government took power "back then Britain was on the brink" and despite today being up against "a difficult backdrop" the picture is now "falling inflation, a deficit that is half what we inherited, our long term economy plan is working."
He insisted the long term planning is working and asked MPs: "Do we squander the economic security we've gained? I say we stay on course for prosperity."
He said the Government doesn't shy away from problems and he admitted that the deficit is too big. He said this statement was a further tightening up.
Employment is at a record high but he wants more jobs for younger people, he said.
Today the Government is backing aspiration and those who want to buy their own home, he told MPs. He said they reject higher taxes.
The Chancellor warned of the difficult circumstance worldwide: "The warning lights are flashing over the global economy, Japan is in recession the Eurozone is stagnating and the risks are rising."
He announced a £45m package to help trade with faster growing parts of the world like South America because of the troubled trading position with the Eurozone.

More to come soon...And check our our live Twitter reports on @FPM_Online