Spring Statement: Inflation to return to target

13 March, 2018, 15:33 | Author: Regina Silva
  • British industrial production

Instead, Hammond unveiled the latest economic forecasts from the Office for Budget Responsibility which show how the United Kingdom economy is performing.

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

Chancellor Philip Hammond said borrowing was due to fall in every year of the forecast.

Mr Hammond also said public sector net borrowing in 2017-18 would be 2.2 per cent, lower than the 2.4 per cent previously expected.

While No 10 has publicly maintained the service has what it needs, one senior minister told Kuenssberg "we all accept" more cash is needed, while another said "it's hard to see" how current funding levels could remain.

"And we are forecast to meet our cyclically adjusted borrowing target in '20-21 with 15.4 billion pounds headroom broadly as forecast at the Budget". 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.

He is expected to reveal that tax receipts are covering day-to-day government spending for the first time since the 2008 financial crisis.

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Chancellor Philip Hammond has announced that London will receive £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22.

Growth also looks set to be slightly higher than forecast past year - but public debt as a percentage of national income remains well above 80%. "We have to get debt down".

And after the Chancellor compared Labour to gloomy cartoon character Eeyore and himself to the more optimistic Tigger, shadow communities secretary Andrew Gwynne joked that Mr Hammond was "talking Pooh". He can choose to act and end the misery faced by many, or he can do nothing and continue to favour a privileged few.

Growth is likely to climb to 1.5 percent this year, Hammond said in Parliament Tuesday, higher than the 1.4 percent forecast in November.

Mr Hammond also announced a call for evidence where the least productive businesses will learn from the most productive, as well as looking at measures to end late payments.

Mr Streeter told the Commons yesterday that the Government has an "opportunity" to be "more generous with efficient local authorities".

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