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BREXIT BONANZA: Britain set for £32billion bonus after quitting the EU

Mr Hammond defended his statement yesterday, insisting that his decision to raise Government borrowing for more spending on roads, rail and other infrastructure did not mean Treasury debt was out of control “It’s not out of control, it’s larger than we would like it to be,” he said.

“We should have a plan which both invests in our economy but also puts a little aside for the possibility of a slightly more rainy day next year and the year after, as the OBR forecasts that there is a wide range of uncertainty around its central forecast.

“It isn’t only the uncertainty around Brexit negotiations. There are many factors which are causing uncertainty in economic forecasting at the moment.”

Senior Tories have savaged the OBR for being too gloomy in its growth forecasts. Former Cabinet minister Iain Duncan Smith said the forecasts were “another utter doom and gloom scenario” by an organisation “that simply hasn’t got anything right”.

And backbencher Jacob Rees-Mogg said the OBR was “wrong” because it had made “lunatic” assumptions about future trade tariffs.

“Experts, soothsayers and astrologers are all in much the same category,” he said.

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