Sugar rush: spring statement response

Document type
Corporate author(s)
Resolution Foundation
Resolution Foundation
Date of publication
14 March 2018
Social Policy, Poverty Alleviation Welfare Benefits and Financial Inclusion
Social welfare
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This briefing provides a detailed view of the Spring Budget statement 2018.  It provides productivity growth predictions for the years ahead, according to the Office for Budget Responsibility.

A strengthening world economy has provided a welcome tailwind for the economy, lifting the projection for UK growth in 2018 from 1.4 per cent to 1.5 per cent. The public finance forecasts also registered small improvements, with borrowing for 2017-18 forecast to fall to £45.2bn – some £4.7 billion lower than expected in November – on the back of more robust tax receipts. This improvement allowed the Chancellor to talk about next year as a turning point for the public finances, when the current budget deficit is forecast to be eliminated and the debt to-GDP ratio to fall.

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