Mr Hammond also provided an update on the overall health of the economy and the Office for Budget Responsibility (OBR) forecasts.

The key points from the Spring Statement 2018 included:

• Next business rates revaluation to be brought forward to 2021

• The government has set out its thinking on how the tax system can change to give a fair result for digital businesses

• Government to seek views on how to support people and businesses who use digital payments, ensure those who need to are able to pay with cash and prevent the use of cash to evade tax and launder money

• The economy has grown for five consecutive years and exceeded expectations in 2017

• Manufacturing has had its longest period of expansion in 50 years

• Employment has increased by three million since 2010

• Borrowing down and the first sustained fall in debt for 17 years

• Over £1.5bn allocated to departments and devolved administrations to prepare for Brexit in 2018-19

• Government working with 44 areas on their bids into the £4.1bn housing infrastructure fund

• The housing growth partnership – which provides financial support for small housebuilders – will be more than doubled to £220m

• London to receive £1.67bn to start building a further 27,000 affordable homes by the end of 2021-22

• An estimated 60,000 first-time buyers have been helped by the stamp duty changes so far.

Make sure you check out the industry reactions to these announcements in the Bridging & Commercial newsletter at 5pm today.