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The Chancellor struck a markedly different tone from his Spring Budget, with optimism that could have been mistaken for the Prime Minister.

There were no new major tax rises and good news for the beleaguered hospitality sector.

Strikingly, the Chancellor felt sufficiently optimistic to say he planned to see taxes going down by the end of Parliament.

Whether that ambition will come to pass will depend on whether the economy meets the new, more upbeat expectations set out by the OBR.