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This provides the bedrock of security for working people.
As China rebalances towards domestic consumption, the emerging markets whose exports are geared to China’s previous manufacturing and investment-led growth are suffering.
Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.
That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.
All this means the challenge of delivering a sustained rise in living standards following the financial crisis is greater here in Britain than the Office for Budget Responsibility () had previously forecast.
This is precisely why the UK has been working through its long-term economic plan.
The 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.Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.This publication is available at https://uk/government/publications/budget-2016-documents/budget-2016 This is a Budget that puts the next generation first.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.At the time of the Spending Review and Autumn Statement 2015, markets expected the price of oil to rise gradually to per barrel in early 2016.