'Light at the end of the tunnel' but no end to austerity

Philip Hammond and Jean Claude Juncker

In comments released in The Sun on Sunday (11 March) in advance of the full statement tomorrow - which in contrast to previous Spring Budgets will be a pared-down affair, as the government moves towards once-yearly Autumn Budgets from 2019 - Hammond announced that he will be launching a call for evidence from stakeholders on how fiscal measures can be used to tackle the issue of plastic waste.

Amid a clear political warning against "Labour's economic train wreck" (paired with his "light at the end of the tunnel" metaphor), the chancellor announced that growth for 2017 had been revised up by the Office for Budget Responsibility (OBR) to 1.7 per cent - up from 1.5 per cent at the Budget in November.

Those forecasts, based on the assumption that Britain would stay in the European Union, saw growth of above 2 percent for each year between 2018 and 2021.

And the Chancellor said borrowing was due to fall in every year of the forecast, with debt predicted at almost 1 per cent lower than in November.

Instead, he said the economy had grown in every year of the Conservative-led governments, with manufacturing enjoying its longest unbroken run of growth for 50 years, three million additional jobs and higher levels of employment in every part of the UK.

"Another step on the road to rebuilding the public finances decimated by the party opposite", Hammond said. The body left its forecasts unchanged for 2019 at 1.3%.

Bills a 'team to watch' regarding Vikings QB Sam Bradford
The Denver Broncos have apparently worked out their quarterback situation ahead of the official start of free agency. What's the risk: That Keenum doesn't hold the form he showed last season , his sixth year in the NFL .

Until 2016, major tax changes were announced early in the year, in the Spring Budget, while the Autumn speech was primarily for economic forecasts.

Hammond added the Treasury will today publish information about how the £1.5bn set aside for Brexit planning will be spent.

The chancellor said the latest estimates, which show public debt as a share of GDP falling for the next five years, showed the country was at a turning point, a decade on from the financial crisis. He claimed there was "light at the end of the tunnel" but refused to rule out further cuts. The consultation will remain open until 5 June 2018.

Mr Hammond said his deputy Elizabeth Truss would publish the departmental allocation of more than £1.5 billion of Brexit preparation funding for 2018-19.

'The stamp duty concessions have definitely prompted more interest among first-time buyers, who are often taking the place of investors at the lower end of the market.

Chancellor Philip Hammond set out his vision of an "outward-looking, free-trading nation, one that is confident that our best days lie ahead of us".

Related News:



Most liked

Skiers grab Canada's first gold, bronze medals at Pyeongchang Winter Paralympics
North Korea is represented by two cross-country skiers at their first winter Paralympics . American Daniel Cnossen, a former US Navy Seal, took gold in the men's sit ski.

ATU Student Advances on American Idol
The ABC debut also was below the Idol series finale on Fox (13.3 million, 3.04 in 18-49) but above the final season average. The numbers are also below those drawn by the February 28 season premiere of " The Voice " (2.8, 12.31 million).

Man United's Paul Pogba could still be fit vs. Sevilla - Jose Mourinho
He keeps things very simple, often passing sideways or backward, and is positionally sound, and does the basics well. Not many were expecting him to start against Liverpool and he had a good match not just about scoring goals .

Manchester United vs Sevilla Live Score Stream Commentary in Champions League 2018
Nemanja Matic struck home a gorgeous half-volley in added time for a remarkably good comeback. It's been one of the best spells in Manchester United's season in recent weeks.

United States notes Taliban 'interest' in peace talks
The group has insisted it would only negotiate with the United States, which it calls a "foreign occupying force". In return, the militants would have to recognize the Kabul government and respect the rule of law.

S.Korean envoy briefs Japan officials
This is why the world looks forward to the meeting between US President Trump and North Korea's Kim Jong Un this coming May. Tillerson spoke Monday at a news conference in Nigeria. "We know the maximum pressure campaign is working", Sanders said.

Tiger Woods to return to Australia as Presidents Cup captain
When asked last month about being named as an assistant to Furyk in this year's Ryder Cup, Woods hinted at being a player-captain. Captains alone will not change the outcome, a position that former worldwide captains Greg Norman and Nick Price have expressed.

Mark Hamill to be 'guest of honour' for St Patrick's Day parade
In addition to Mark's Star Wars connection, research into his family history has found that he has a double-link to Ireland. The second wave of Funko Pop! bobbleheads for Star Wars: The Last Jedi are arriving sometime this year.

Salma Hayek And Frida Kahlo's Family Object Barbie Doll
And the contract never granted the Corporation rights to Kahlo's image in the first place, only "certain uses of her name", he said.

Weather Authority: Cooler and breezy on Tuesday
Those chances for snow showers continue through the evening and into early Wednesday before tapering off. Snow amounts would barely be noticable since most surface temperatures will be remaining above freezing.

Declassified Military Video Shows Fast-Moving UFO Tracked By Navy Fighter Pilots
He said they followed the "proper process" to get the video and that "the Department of Defense approved the release ". The video was released online by To the Stars Academy of Arts and Sciences , a private scientific research company.

Oil prices rise towards $70 fueling more subsidy fears
US crude CLcv1 fell 1.66 percent to $61.01 per barrel and Brent LCOcv1 was last at $64.58, down 1.39 percent on the day. In other trading, April gasoline fell 0.5% to $1.894 a gallon, while April heating oil fell 1.2% to $1.865 a gallon.

Kim's 'special message' for Trump sets media abuzz
Luehrmann, Wright State University political science professor and director of the program in worldwide and comparative politics. He struggled for years to adjust to his new capitalist home before finding the sport he says now means "everything in life".

Huskers to Meet Mississippi State Wednesday in NIT First Round
The Huskers will travel to Mississippi State to take on the fourth-seeded Bulldogs (22-11, 9-9 SEC). The Cornhuskers went 4-4 in their last eight games , but went 8-1 in the nine games before that.

Trump Trade War - Concerned Trudeau calls Trump
If and when NAFTA negotiations will bear fruit is unclear, as Mexico's presidential election in July is likely to slow progress. Orrin Hatch (R-Utah), who has praised Trump mightily in the past, said of the tariffs , according to Salt Lake Tribune .