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UK budget highlights: Sees 2019 GDP growth 1.6% vs 1.3% prior




Hammond budget highlights

Growth:

  • Sees 2019 GDP growth 1.6% vs 1.3% in March

  • Sees 2020 growth at 1.4% vs 1.3% in March

  • Sees 2021 growth of 1.4% vs 1.4% in March

Deficit:

  • 2018/19 deficit at 1.2% of GDP vs 1.8% in March

  • 2019/20 deficit at 1.4% vs 1.6% in March

  • OBR forecasts public debt will fall in every year of forecast

  • 2023/24 forecasts show deficit at 74.1% of GDP

  • Says national debt peaked in 2016/17

  • 2019/20 deficit forecast at GBP31.8B vs GBP33.9B in March

  • OBR forecasts show borrowing from 2018/19 through 22/23 to be GBP18.5B lower

Other headlines:

  • Increasing Brexit contingency by GBP2.0B

  • We’re confident of delivering Brexit but will plan for all eventualities

  • Stakes could not be higher than right now in EU negotiations

  • Forecasting real wage growth in each of the next 5 years

  • Added GBP420m to local highway authorities

  • GBP160m for counter terror police funding

  • GBP500m more for housing infrastructure fund

  • Will make commercial-to-residential planning easier

  • Increasing Transforming Cities fund to GBP2.4B

  • National living wage to rise by 4.9% from April 2019

  • Tax free allowance for personal income will rise to GBP12,500 in April 2020

  • Higher rate threshold will rise to GBP50,000 in April 2020

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