Spring Statement: UK GDP revised up for 2018

Spring Statement: UK GDP revised up for 2018

Today Philip Hammond used the spring statement to reveal the latest projections for the United Kingdom economy.

John McDonnell, the shadow chancellor, gave a robust response to the speech, criticising the "indefensible spectacle" of a chancellor "failing to lift a finger" to help struggling local authorities and the NHS.

In comments appearing in The Sun, Hammond said the consultation will "gather ideas from manufacturers, retailers, green groups - and the British public - on how to bring about real change".

Hammond will use today's Spring Statement to announce a call for evidence on such a tax.

The Office for Budget Responsiblity has upgraded its forecasts for United Kingdom growth to 1.5% for 2018, slightly above the 1.4% it predicted in November.

Mr Marshall said that a "far stronger push" is still needed to "fund and fix the fundamentals here in the United Kingdom over the coming months".

The Chancellor ruled out extra spending in tomorrow's Spring Statement, but said there was "light at the end of the tunnel". Nonetheless the upgrade remains good news - as does the 1.3 per cent growth for 2019/20 which remains unchanged, indicating that the prospect of Brexit is no worse than forecasters last thought it was.

"This underlines just how vital it is to secure a Brexit that delivers for jobs, and an industrial strategy that helps transform United Kingdom productivity in all corners of the country", she said.

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The Chancellor said: "Single-use plastics waste is a scourge to our environment".

The November economic growth outlook was less than inspiring, with growth in 2018 forecast to reach 1.4% while 2017 was expected to grow by only 1.5%.

In the table, you can see inflation predictions from the Spring Statement alongside forecasts from the Autumn Budget. Growth in 2017 was 1.7%, compared with the 1.5% forecast by the OBR past year.

The economy has seen higher employment and lower unemployment, adding 3 million jobs, he said.

Some of the UK's most influential trade bodies have welcomed Philip Hammond's commitment to bolstering businesses in his Spring Statement, but have also warned that more still needs to be done to support companies as the United Kingdom hurtles towards Brexit.

The budget statement is also tipped to include improved economic growth and borrowing forecasts. His Treasury deputy Liz Truss said there would be "no red box, no rabbits out of the hat and no tax changes".

He also said the government was considering new taxes on single-use plastic and on the profits of tech giants like Facebook and Google.

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