Published: Fri, March 16, 2018
Global News | By Stacy Ballard

Main economic forecasts in United Kingdom budget

Main economic forecasts in United Kingdom budget

The Office for Budget Responsibility said it feels the United Kingdom economy is presently operating at above its normal trend level.

The OBR is an independent public body that provides the United Kingdom government with economic predictions, including borrowing and growth forecasts.

Addressing various issues facing the retail sector, the Chancellor said the Office for Budget Responsibility had upgraded its forecast for GDP growth this year to 1.5%, having put the forecast at 1.4% in November.

He said: "But we will continue to prepare for all eventualities and today ... the chief secretary is publishing the departmental allocations of over £1.5bn of Brexit preparation funding for 2018/19".

That was £4.7 billion lower than forecast in November.

The OBR has released a statement explaining its revised forecasts for United Kingdom economic growth.

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Christopher Lean, chartered financial planner at Aisa International told International Investment: "As far as financial services was concerned, there was nothing in the way of new policies announced in the Spring Statement, which means previously announced policies mentioned will start to take effect, unchanged, such as the staged increases to Automatic Enrolement from April".

The new 2018 forecast remains a slowdown, however, compared with 1.7-percent expansion last year, and followed a gloomy OECD warning that Brexit would crimp growth over the next few years.

However, he added there will be more pay for NHS staff if management and workers reach a deal on a pay agreement.

Inflation is expected to recede over the next 12 months.

The Chancellor's predicts real wage growth will turn positive in the first quarter of 2019.

Britain wants the remaining 27 European Union nations to grant a transition period after Brexit, which the European Union says should last until the end of 2020.

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Today's spring statement will be the first of its kind given by Hammond, who delivered his first autumn budget previous year after moving the statement from the spring. Wages of the lowest paid are up by nearly 7%, he added.

"So, ironically, in the Spring Statement, for once we have seen a real Pre-Budget Report -something that has been hard for previous Chancellors to deliver".

The budget statement is also tipped to include improved economic growth and borrowing forecasts.

And while the Chancellor stayed well clear of touching fuel duty for the present, Hammond announced a consultation on existing tax relief schemes for non-agricultural red diesel.

Delivering his first Spring Statement in the House of Commons yesterday (13 March), Hammond said there had been "solid progress towards building an economy that works for everyone" with growth every year since 2010, and sought to quash the "doom and gloom" about the state of the nation.

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