techkenyot.com
techkenyot.com April 22, 2018


Philip Hammond upbeat on growth and spending in spring statement

13 March 2018, 06:34 | Hattie Nash

Hammond said he is"positively Tigger-like in his optimism

BRITAIN-EU-POLITICS-BUDGET-BREXIT

Philip Hammond has said there is "light at the end of the tunnel" for the United Kingdom economy, with the government's official forecaster upgrading short-term growth projections and predicting falls in inflation, debt and borrowing - but warning of the growing impact from Brexit in future years.

Growth forecasts in 2019 and 2020 were kept unchanged at 1.3 per cent, Hammond told parliament, citing figures from the independent Office for Budget Responsibility.

Those forecasts, based on the assumption that Britain would stay in the European Union, saw growth of above 2 percent for each year between 2018 and 2021.

Mr McDonnell said the Tories had added £700 billion to the national debt over the past eight years.

Mr Hammond also gave a report on Britain's economy, with economic growth ahead of its predicted targets and inflation expected to slow in coming years.

Nice Tuesday, Rain and Snow later in the week
Look for partly to mostly sunny skies, with breezy conditions and temperatures only getting up into the cooler 40s again. The system leaves slightly before 12 p.m. and that means the rest of Monday will be rather sunny with a high of 50.

The chancellor has hinted that he will increase spending on public services when he delivers his budget in the autumn.

It should last somewhere between 20-30 minutes, but the entire session is expected to go on for a couple of hours.

The budget deficit for the current 2017/18 fiscal year has been cut to an estimated 45.2 billion pounds from a forecast of 49.9 billion made in November, Hammond said.

The OBR has already upgraded its fiscal forecasts twice over the previous year, in March 2017 and November, as tax receipts have come in stronger than previously expected.

"There is light at the end of the tunnel because what we are about to see is debt starting to fall after it has been growing for 17 continuous years", said the Chancellor.

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Chancellor Philip Hammond today unveiled lower government borrowing forecasts as slightly stronger growth and higher tax receipts boosted the public finances.

The chancellor said the latest estimates, which show public debt as a share of GDP falling for the next five years, showed the country was at a turning point, a decade on from the financial crisis.

There was, he said "light at the end of the tunnel".

Mr Hammond said this makes the economy vulnerable to future shocks and places "a significant burden on future generations". The consultation will remain open until 5 June 2018.

Mr Hammond said some businesses were avoiding paying VAT on sales, but he added that others were simply unfamiliar with paying taxes as this had been done on their behalf. His Treasury deputy Liz Truss said there would be "no red box, no rabbits out of the hat and no tax changes".

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Tim Phillips, the president of Americans for Prosperity, also condemned the tariffs as "disappointing" and a threat to the economy.

The Chancellor also informed MPs that around 60,000 first time buyers have benefited from the stamp duty relief he announced in the Autumn Budget. "As a nation we did it in 2017 and it is our business to do it again".



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