Theresa May vows Budget will make UK '˜fit for future'

Mr Hammond addressed senior colleagues at the early-morning gathering at 10 Downing Street ahead of his second Budget statement of 2017.

He is expected to announce moves to boost house-building and invest in infrastructure in a strong signal that he is ready to start bringing down the curtain on the age of austerity.

In a tweet issued after the Cabinet meeting, Mrs May said: “The Cabinet met this morning to discuss Budget 2017, which Philip Hammond will deliver later today - setting out how my Government is building a Britain fit for the future.”