Gordon Brown has once again placed a bet on the resilience of the British consumer in reiterating his above-consensus forecast for economic growth this year and next.

The chancellor expects the economy to grow at an above trend 3 to 3.5 per cent this year - more than matching last year's 3.1 per cent, which was the highest for four years - despite higher oil prices, disappointing export performance, a slowing global economy and a weaker housing market.