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Spring Statement: UK growth outlook revised up in 2018, but down in 2021 and 2022

The UK financial system will develop quicker this 12 months than beforehand forecast and the deficit shall be decrease.

On the Spring Assertion, the Chancellor Philip Hammond revealed that the Workplace for Price range Accountability forecast GDP progress could be 1.5 per cent this 12 months, up from the 1.four per cent beforehand anticipated.

Forecast progress for 2019 and 2020 is unchanged at 1.three per cent, however progress in 2021 and 2022 is revised down by zero.1 per cent to 1.four per cent and 1.5 per cent respectively.

Mr Hammond additionally stated public sector web borrowing in 2017-18 could be 2.2 per cent, decrease than the two.four per cent beforehand anticipated.

The OBR expects borrowing 1.eight per cent of GDP in 2018-19, down from 1.9 per cent beforehand. Borrowing in 2020-21 is 1.three per cent, quite than 1.5 per cent.

In 2018-19 the Chancellor stated he expects a “small” present price range surplus.

He stated that the OBR is projecting headroom for the Authorities of £15.4bn in 2021 versus his 2 per cent of total GDP borrowing goal.

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