Posted On: March 8, 2017 by Newshound
Category: Breaking News Commentary Featured Finance Government Politics
UK Economy showing signs of improvement after Brexit.
Despite the picture of doom and gloom painted by globalists after the British people voted to remove their country from the European Union, (EU) in a move that was aptly termed as Brexit, the reality is proving much different in a positive form. Reports coming out from the British independent Office for Budget Responsibility during the presentation of the country’s spring budget, say that it has raised its economic growth forecasts for this year.
The office now expects the UK economy to grow 2% rather than 1.4%, according to the Chancellor Philip Hammond. Growth is forecast to slow to 1.6% in 2018, before picking up to 1.7%, then 1.9%, and back to 2% in 2021, he adds. The budget provides a strong stable platform for Brexit negotiations begins Chancellor Philip Hammond. It will, he says, “extend opportunity to all our young people, deliver further investment in our public services and continue the task of getting Britain back to living within its means.”
The Chancellor also said that UK debt is expected to peak at 88.8% of economic output next year – although that will be 1.4 percentage points lower than the OBR had forecast in the Autumn. It will then start falling in 2018-19, for the first time in almost 20 years, and will continue to drop, reaching 79.8% in 2021-22, Mr Hammond said.
The Chancellor who said that the economic growth has confounded him and the commentators added that there is no room for complacency because even though the deficit is down, debt is still too high with productivity remaining low. He said “too many families are still feeling the squeeze” from the financial crash of almost ten years ago, and that the job is not done yet.