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The UK responds to lower productivity growth and a more difficult global economy by: in 2020-21.The government’s first duty to the next generation is to put the public finances on a sustainable footing.
This Budget continues to lower taxes, with new support for small business and entrepreneurs, while also modernising the tax system and taking steps to ensure that taxes are fair and are paid.So this Budget sets out long-term solutions to long-term problems and invests in the education, builds the infrastructure and supports the savings of the next generation. Since the Spending Review and Autumn Statement was published in November 2015, the outlook for the global economy has worsened and global growth has slowed, with the International Monetary Fund () predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast.In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.Eight years ago, the UK was one of the worst prepared to face the financial crisis.Today, in the face of a cocktail of global risks, the UK is one of the best prepared.© Crown copyright 2016 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated.
To view this licence, visit uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected] government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.The Budget drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.The UK is forecast to grow faster than any other economy this year, with employment at record highs, but with productivity growth weaker than forecast.And after a decade of cheap debt, emerging markets are facing tighter credit conditions.