Chancellor insists the Budget “does not draw any lines under Covid - we have challenging months ahead”.
He adds, however, that it is “does begin the work of preparing for an economy post-Covid”.
He adds, however, that it is “does begin the work of preparing for an economy post-Covid”.
Chancellor draws attention to inflationary pressures right at the start of Budget.
Inflation is currently 3.1%, set to rise to 4% next year, with increase caused by supply chain issues & energy prices that “will take months to ease”.
Govt is “ready & willing to act”, says Sunak
Inflation is currently 3.1%, set to rise to 4% next year, with increase caused by supply chain issues & energy prices that “will take months to ease”.
Govt is “ready & willing to act”, says Sunak
Economy growth forecast has been raised from 4% to 6.5% this year, Sunak reveals.
OBR growth estimates -
2022: 6%
2023: 2.1%
2024: 1.3%
2025: 1.6%
Scarring forecast from Covid reduced downwards from 3% to 2%.
OBR growth estimates -
2022: 6%
2023: 2.1%
2024: 1.3%
2025: 1.6%
Scarring forecast from Covid reduced downwards from 3% to 2%.
New charter for Budget responsibility to be published today, Sunak says.
It will state:
- Public sector net debt must be falling, as % of GDP
- Borrowing allowed only for capital expenditure, not day to day
Rules to be met by 3rd year of forecast period
It will state:
- Public sector net debt must be falling, as % of GDP
- Borrowing allowed only for capital expenditure, not day to day
Rules to be met by 3rd year of forecast period
Sunak announces spending will increase by £150bn, the “largest increase in a century”.
Spending will grow by 3.8% in real terms and there will be a real term rise in spending for every department, Sunak says.
He says the Conservatives are the party of public services.
Spending will grow by 3.8% in real terms and there will be a real term rise in spending for every department, Sunak says.
He says the Conservatives are the party of public services.
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