The Chancellor ruled out extra spending in tomorrow's Spring Statement, but said there was "light at the end of the tunnel".
Shadow Chancellor John McDonnell responded to the statement by saying Hammond's "complacency is astounding".
Mr Hammond is expected to speak for less than half an hour.
Britain's Treasury chief claimed Tuesday there is "light at the end of the tunnel" for the economy as public debt finally starts to drop a decade on from the rupture caused by the global financial crisis. "But this shows just how cut off from the real world he is", McDonnell said.
The Scottish National Party's economy spokeswoman at Westminster Kirsty Blackman said the Chancellor should use the statement to address the uncertainty created by the UK's planned withdrawal from the EU.
The Chancellor will publish a call for evidence on whether the tax relief for agricultural diesel contributes to air pollution.
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He also said the government was considering new taxes on single-use plastic and on the profits of tech giants like Facebook and Google.
Furthermore, the government has said that it is working with 44 areas which have submitted bids to the Housing Infrastructure fund, to make sure that only those homes that are needed are being built. The government is on track to raise the housing supply to 300,000 by the mid-2020s, he said.
In the absence of tax and spending measures, Hammond will speak about economic forecasts put together by the OBR.
He said "substantial progress" has been made in Brexit talks.
He added that there will be more pay for NHS employees if Management and workers agree on a deal.
And at £45.2bn total net borrowing for 2017-18, is still well above where it was expected to be back in 2016. But the structural deficit nearly unchanged in 2019-20.
Instead, Hammond unveiled the latest economic forecasts from the Office for Budget Responsibility which show how the United Kingdom economy is performing.
In November, the GDP growth forecast for the next five years, up to and including 2022, was 1.4%, 1.3%, 1.3%, 1.5% and 1.6% respectively.
GDP in 2020 is expected to grow 1.5%, down from the prior estimate of 1.6%.
PHILIP Hammond revealed during the Spring Statement that the UK's economy is again growing faster than forecasters predicted. Wages of the lowest paid are up by nearly 7%, he added.
Chancellor Philip Hammond stood up to deliver his spring statement at 12.32pm.
The budget statement is also tipped to include improved economic growth and borrowing forecasts.
Chancellor of the Exchequer Philip Hammond is tomorrow (13 March) set to announce a public consultation on the use of the tax system to reduce the use of single-use plastics, along with a £20-million innovation fund to help businesses and universities develop alternatives to the problem material.