Official data earlier on Thursday showed the economy grew 0.6 percent in the final three months of 2016, slightly stronger than expected and maintaining the above-average pace seen after the referendum to leave the European Union in June.

"There may be uncertainty ahead as we adjust to a new relationship with Europe, but we are ready to seize the opportunities to create a competitive economy that works for all," Hammond said in a statement.

(Reporting by Andy Bruce, editing by Alistair Smout)