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Eight years ago, the UK was one of the worst prepared to face the financial crisis.
So this Budget sets out long-term solutions to long-term problems and invests in the education, builds the infrastructure and supports the savings of the next generation. Since the Spending Review and Autumn Statement was published in November 2015, the outlook for the global economy has worsened and global growth has slowed, with the International Monetary Fund () predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast.
In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.
The government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.
The Budget drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.
Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.
That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.
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