Adjusted for population growth, Britain's economic performance is less impressive. The IMF estimates British GDP per head will rise by 0.6% this year and 1.1% next year - well short of Reeves' goal to top the G7 rankings on this measure for two consecutive years.

In September alone borrowing stood at 16.6 billion pounds, less than a median forecast of 17.5 billion pounds in a Reuters poll of economists but higher than the OBR's projection of 15.1 billion pounds made earlier this year. It was the third biggest September borrowing total since records began in 1993.

The ONS said public sector net borrowing in the first half of the financial year stood at £79.6 billion, £6.7 billion higher than forecast by the OBR.