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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.
Had the government not taken action to reduce the structural deficit from its 2009-10 level, cumulative borrowing would have been £930 billion higher in 2019-20.Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.In emerging economies risks have also increased, with falling oil prices hitting commodity-exporting economies, Russia and Brazil in recession, and China’s rebalancing leading to lower growth in a number of countries.© 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] 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.
This provides the bedrock of security for working people.
This Budget will ensure that the UK will meet its fiscal target of achieving a surplus in 2019-20.
In addition to measures announced at the Spending Review and Autumn Statement, the government will: This Budget backs business and enterprise to drive up productivity growth and create job opportunities.
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.
Uncertainty about global growth prospects has been reflected in volatility in financial markets, with world stock markets seeing trillion wiped off their value at the start of the year.