Chancellor Philip Hammond's Budget shows the UK economy is not prepared for a Brexit, Jeremy Corbyn claimed on Wednesday (8 March). The Labour leader issued the warning immediately after Hammond unveiled his economic statement to the House of Commons.

"The Chancellor boasts of a strong economy, but abandoned the targets of the previous Chancellor so let's give a more realistic context to today's figures: the deficit that was going to be eradicated in 2015 – you'll remember the 'long term economic plan'. The debt that was going to peak at 80% of GDP and then start falling," he said.

"Our economy is not prepared for Brexit. We still have an economy suffering from under-investment and an over-reliance on consumer spending and wholly unsustainable levels of personal and household debt."

Corbyn added: "Yesterday over 3,000 people in this country will have queued at food banks to feed themselves and their families.

"Last night over 4,000 people will have slept rough on the streets of this country. And the Chancellor made his boasts about a strong economy, but who is reaping the rewards of this economy?"

The comments come after Hammond promised £320m ($388m) of additional funding further an extra 110 free schools, which will be able to provide selective education as part of Theresa May's grammar schools "revolution".

The Chancellor also committed £2bn of additional social care grants to councils across England for the next three years. But Hammond controversially unveiled a hike in National Insurance Contributions (NICs) for the self-employed.

The Chancellor said class two NICs would be scrapped on April 2018 and class four NICs (the main rate) will increase by 9% to 10%, with an additional 1% on April 2019. The move broke the Conservative Party's 2015 general election manifestation pledge not to rise income, VAT or national insurance tax.

"Targeting the self-employed by hitting white van man with a tax hike betrays Theresa May's pledge to help the just about managing," said Liberal Democrat leader Tim Farron," he said.

"If that were not bad enough, many public sector workers suffering a pay cap will be almost £3,000 a year worse off by 2020 – another painful example of the Brexit squeeze, caused by the Conservative Brexit government."