Chancellor Phillip Hammond has said the Government’s task now is to prepare the economy to be resilient as Brexit looms.

Mr Hammond said in his first major Budget announcement since taking the role that there is still a need for fiscal discipline.

You can follow the announcement live as it happens here on Financial Planning Today via our live blog.

He revealed that the current view of the Office for Budget Responsibility is that the EU referendum decision means that growth will be 2.4% lower than otherwise would be case over the next few years.

These figures were:

• 2.1% in 2016 
• 1.4% in 2017
• 1.7% in 2018
• 2.1% in 2019
• 2.0% in 2020

The OBR accepts there is a higher degree of uncertainty than usual to these figures, he said.

He said: “Our task now is to prepare our economy to be resilient as we exit the EU and match-fit for transition that will follow.

“So we will maintain our commitment to fiscal discipline while recognising the need for investment to drive productivity".

He said credible fiscal policy was essential and he is aiming for the public finances to be balanced as early as possible in the next parliament.

He said the “Prime Minister and I are firmly committed to seeing public finances balanced as soon as practical” while “leaving enough flexibility” to support economy in new term.

The Government is choosing to prioritise additional high value investment infrastructure and innovation to raise productivity, he told MPs.

He also said OBR forecasts public sector net borrowing will fall to 0.7% of GDP in 2021-22 - the lowest deficit as a share of GDP in two decades.

The OBR forecasts debt will peak at 90.2% of GDP in 2017-18 and fall to 89.7% of national income in 2018-19, he said.

The Bank of England's interventions in gilt market will mean that government debt will rise from 84.2% now to 90.2%.

Chancellor: Today I am publishing a new draft Charter for Budget Responsibility, with 3 new fiscal rules #AutumnStatement

— HM Treasury (@hmtreasury) November 23, 2016

Fiscal rule 1: borrowing should be below 2% by the end of this parliament #AutumnStatement

— HM Treasury (@hmtreasury) November 23, 2016

Chancellor: [The govt] remains firmly committed to seeing the public finances return to balance as soon as possible in the next parliament. pic.twitter.com/Z1xzosCcML

— HM Treasury (@hmtreasury) November 23, 2016