Spring Statement: Inflation to return to target

13 March, 2018, 15:33 | Author: Regina Silva
  • Reuters

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.

CIA Director to replace Rex Tillerson as Secretary of State
To replace Pompeo at the CIA, President Trump intends to promote Deputy Director Gina Haspel to the top post. Tillerson had just returned from a trip to Africa hours before Trump's announcement.


Man United sink Liverpool, unsavoury scenes at West Ham
It's left manager Jürgen Klopp in a rather annoyed mood, eager for the chance to show his side can bounce back. Jose Mourinho has branded Frank de Boer "the worst manager in the history of the Premier League ".


Mourinho fires back at De Boer
Mourinho did not take kindly the Dutchman's comments, and launched a scathing attack on him during a press conference on Monday. I say Liverpool because they are an example of a very good team, a good example of an important stadium with a big tradition.


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".

Recommended:



Popular

Southeast Asia's Grab Moves Into Financial Services with Loans, Insurance
Grab Financial Services Asia , puts in place a much-needed infrastructure that will accelerate financial inclusion in Southeast Asia.

Naxal attack in Sukma, 9 CRPF jawans killed and 6 injured
Earlier on the day, Maoists had staged a similar attack but they fled after the CRPF personnel retaliated the fire. The incident happens around a year after a dozen jawans were killed in a similar ambush in the Sukma district.

Girl Scouts victims of crimes during cookie sale season
One of the men had a gun tucked into his waistband. "Thank you so much for buying Girl scout cookies", said one Girl Scout. Joy Johnson, the vice president of Girl Scout sales, says the app connects the customer with the cookie.

Winter Paralympics begin with spectacular opening ceremony
As well as North Korea, Georgia and Tajikistan are taking part for the first time in the nine-day Games. Athletes from 48 nations paraded into the stadium on Friday, braving the freezing -5C conditions.

Oil rescued from price lows by Libyan supply disruption
LONDON-Oil prices edged up Tuesday morning, even as fresh signs of rising US shale production appeared to put a cap on prices. Brent crude futures-where Nigeria's oil is pegged-sold at $64.77 per barrel, down 18 cents, or 0.3 percent.

NCAA Tourney 1st: UCLA starting in Dayton vs. St. Bonaventure
Bonaventure won Atlantic 10 regular season and back are back in the field for the first time since 2012 and seventh all time. The tired Bruins didn't practice Saturday after returning from Las Vegas and didn't take the court Sunday, either.

Suspicious 'white powder' sent to UK Parliament building; 2 hospitalised
Specialist officers investigated the package and found it was not hazardous, a parliamentary spokesperson later said. Police are investigating a suspicious substance found on the parliamentary estate.

Manchester United midfielder Carrick to retire at end of season
The post Man United Captain Carrick Confirms Plans To Retire At End Of Season appeared first on Complete Sports Nigeria . He seamlessly turned his direction at the last juncture to curve one past the keeper to take the lead in the 14 minute.

Asus Zenfone 5 Max spotted on Geekbench revealing key specs
According to past rumours, Asus Zenfone 5 Max could feature a 5.7-inch Full HD+ screen with 18.9 aspect ratio. There are two variants of the phone- one that runs on Snapdragon 425 and the other runs on Snapdragon 430.

Seoul to closely cooperate with China, Japan to tackle North Korea issue
They also say the North could even offer to reduce the amount of nuclear materials it has saved for making nuclear weapons . While Suh returns to Seoul, Chung is set to make a two-day trip to Moscow to consult Russian officials.