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Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.
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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.
This is a Budget that puts the next generation first.
In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people.
It takes the next bold steps in the government’s long-term economic plan.