Oct 29, 2018

Budget 2018: Philip Hammond hails better borrowing figures

Chancellor Philip Hammond has used the Budget to ease the government spending squeeze as he declared that austerity was "Finally coming to an end". Against a backdrop of stronger tax receipts, Mr Hammond said borrowing this year would be £11.6bn lower than projected in March, at £25.5bn. Borrowing is expected to keep falling over the next five years. Mr Hammond said day-to-day spending budgets were now expected to grow by around 1.2% a year from 2019. The Office for Budget Responsibility said the UK economy was expected to grow by 1.3% in 2018. Healthier public finances are expected to keep Britain's debt share falling over the next five years, helping the government to meet two key fiscal rules.

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