A BULLISH chancellor of the exchequer Philip Hammond chose the port of Southampton to unveil better than expected GDP figures – the first big set of economic indicators to be released since the Brexit vote.

The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.5 5 per cent in its first estimate of third quarter growth.

This was down from 0.7 per cent in the second quarter but was higher than the 0.3 per cent or less predicted by some experts.

The UK is now on course to become the fastest growing economy in the G7 group of nations for 2016.

The Chancellor said: “These figures are quite a lot better than expected and show that the economy is resilient.

“We will be able to go into Brexit negotiations with stronger hand than we thought.”

Asked about the Solent regions bid for devolution he said it was important that a “Southern Powerhouse “ was established to counterbalance the much vaunted Norther Powerhouse.

“Devolution is an important to many regions. It’s common sense that that more things are decided locally whether it’s planning issues or matters to do with the skills shortage.”

He added: “I’m looking forward to seeing this area powering forward in the future.”

Mr Hammond was in a foggy early morning Southampton to learn about the port’s plans for the future, particularly its £50m investment in new vehicle handling facilities.

He described the port as “clear example of the outward-facing and globally connected nature of the economy”.