Philip Hammond has presented his spring statement. He kept to his promise from 2016: ‘No other major economy makes hundreds of tax changes twice a year, and neither should we. If unexpected changes in the economy require it, then I will, of course, announce actions at the spring statement. But I won’t make significant changes twice a year just for the sake of it.’

Mr Hammond confirmed that tax changes would wait until the autumn to allow more time for scrutiny and consultation before the start of the …