>”The U.K. chancellor front loaded good news in his statement to the House of Commons, boasting: “Employment is up. Investment is growing. Public services are improving. The public finances are stabilizing. And wages are rising.”
>”Britain’s fiscal watchdog, the Office of Budget Responsibility (OBR), now expects the U.K. economy to return to its pre-COVID level at the end of this year, with GDP growth of 6.5 percent in 2021, revised up from 4 percent.”
>”Those upgrades allowed the chancellor to promise big, with Sunak pledging a budgetary increase for every government department. Total departmental spending will increase over the parliamentary term to 2025 by £150 billion, a 3.8 percent a year real-terms increase.”
>”…He dangled the prospect of party-pleasing tax cuts towards the end of the parliament, but did not give details.”
>”…One bleaker spot trailed by the chancellor was that growth is predicted to slow after a post-COVID boost, shrinking to 2.1 percent in 2023 and 1.3 percent in 2024. Amid cost of living jitters, inflation will average 4 percent over the next year, the OBR predicted.”
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>”The U.K. chancellor front loaded good news in his statement to the House of Commons, boasting: “Employment is up. Investment is growing. Public services are improving. The public finances are stabilizing. And wages are rising.”
>”Britain’s fiscal watchdog, the Office of Budget Responsibility (OBR), now expects the U.K. economy to return to its pre-COVID level at the end of this year, with GDP growth of 6.5 percent in 2021, revised up from 4 percent.”
>”Those upgrades allowed the chancellor to promise big, with Sunak pledging a budgetary increase for every government department. Total departmental spending will increase over the parliamentary term to 2025 by £150 billion, a 3.8 percent a year real-terms increase.”
>”…He dangled the prospect of party-pleasing tax cuts towards the end of the parliament, but did not give details.”
>”…One bleaker spot trailed by the chancellor was that growth is predicted to slow after a post-COVID boost, shrinking to 2.1 percent in 2023 and 1.3 percent in 2024. Amid cost of living jitters, inflation will average 4 percent over the next year, the OBR predicted.”