The Chancellor will ditch the famous Budget red box in his upcoming spring statement, which is expected to be a pared back event.

Philip Hammond will present updated forecasts for the economy to the Commons, but no major policy changes are expected in the 13 March address.

Mr Hammond has ditched the previous arrangement of effectively having two Budgets a year.

As a result, his update next month is anticipated to be a short speech of around 20 minutes.

A Treasury spokesman told the Financial Times: "There will be no red box, no official document, no spending increases, no tax changes."

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