UK Outlook Gets Small Boost But Remains Stuck in Low Gear

Share
UK Outlook Gets Small Boost But Remains Stuck in Low Gear

In today's Spring Statement, Hammond said the government would launch an investment programme of at least £44 billion over the next five years was announced at Autumn Budget 2017, "putting us on track to raise the supply of homes to 300,000 a year on average by the mid-2020s".

The improved outlook for growth means the government will borrow less by the early years of the next decade than previously forecast, Hammond said.

The UK economy is in better shape than expected, Chancellor Philip Hammond is set to say in his spring statement.

"Today's brief address will likely see the first full analysis of Brexit's impact on United Kingdom public finances, good news in terms of lower public borrowing and economic growth higher (but not necessarily an end to austerity), as well as announcement of a range of consultations on issues such as tax for small businesses, inheritance tax for individuals and a levy on "single use" plastics", said Accendo Markets analysts Mike van Dulken & Henry Croft.

Mr Hammond has said he might be able to allow a bit more public spending later this year.

A Department of Health spokesperson said: "The NHS was given top priority in the recent budget with an extra £2.8bn allocated over the next two years". But officials were keen to play down the Chancellor's statement as a short announcement on the state of the public finances rather than an outline of new tax and spending policies.

It is expected to be "the first sustained fall in debt for 17 years, a turning point in the nation's recovery from the financial crisis of a decade ago".

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street to deliver his half-yearly update on the public finances, in London, March 13, 2018.

It predicts GDP to remain at 1.3% in 2020, also unchanged.

Mr Hammond told Theresa May and her senior ministers that "thanks to the hard work of the British public, there is light at the end of the tunnel". "We have to get debt down".

Shadow Chancellor John McDonnell responded to the statement by saying Hammond's "complacency is astounding". He can choose to act and end the misery faced by many, or he can do nothing and continue to favour a privileged few.

Conservative MP and former minister Gary Streeter said the government could afford to be "more generous" to well-organised councils as their funding has been "cut to the bone".

Share

Advertisement

Related Posts

Skiers grab Canada's first gold, bronze medals at Pyeongchang Winter Paralympics
Among them are 30 neutral competitors from Russian Federation , which remains suspended by the IPC over a mass doping scandal. South Korean diplomats visited North Korea earlier in the week, before heading to Washington D.C.to debrief the White House.

Unions block Eskom signing renewable energy deals
We are confident that the court will recognize that our rights have been violated and will look favorably on our application. The combination of all these factors will have dire consequences for the working class and the poor .

DJ Jeffries Is Coming To Kentucky
Jeffries is close friends with fellow 2019 United Kingdom target James Wiseman , who could reclassify to the 2018 class. DJ Jeffries, a junior from Olive Branch, Mississippi, announced his commitment to United Kingdom on Monday.

Polestar 1 now available for pre-order in 18 countries
The Polestar 1 will be produced in China at a purpose-built facility in Chengdu that will finish construction later this year. That deposit is fully refundable should you change your mind, though you might be swayed by some numbers.

Advisory Services Network LLC Grows Stake in Ecolab Inc. (NYSE:ECL)
SeaCrest Wealth Management LLC bought a new position in shares of Ecolab in the fourth quarter worth about $125,000. Stifel Nicolaus maintained Ecolab Inc. (NYSE:ECL) were released by: Nasdaq.com and their article: "Ecolab Inc".

Ethiopian army blames civilian deaths on 'faulty intelligence'
Prime Minister Hailemariam Desalegn has resigned last month saying he had done what he was able to do to solve the problem in the country.

Gold, Silver, Copper and Crude Oil Briefing
While Patterson does see healthy oil consumption, he said growth may slow and fail to completely absorb gaining American output. Crude prices rose on Friday after the US economy added the biggest number of jobs in more than 1-1/2 years in February.

Met issues depression warning off Kerala coast, fishermen warned
As a result of the depression, the IMD also predicted that heavy rains will be seen across the State for the next three days. The warning would be apply for along and off the rest of Kerala on Thursday.

Raman Singh condemns 'cowardly' attack in Sukma
Congress president Rahul Gandhi said that the incident "reflects a deteriorating internal security due to flawed policies". I spoke to Director General (DG) CRPF regarding the Sukma incident and asked him to leave for Chhattisgarh ", he tweeted.

Matt Damon & Ben Affleck's Pearl Street Company To Adopt Inclusion Rider
Matt Damon and Ben Affleck are adopting inclusion riders for all future projects at their production company Pearl Street Films. Last week (end11Mar18), Michael B.

© 2015 ExpressNewsline. All Rights reserved.