2018 Spring Statement - the economic picture

In his Spring Statement speech, Chancellor Philip Hammond responded to the latest forecasts as published by the Office for Budget Responsibility (OBR).

13 Mar 2018

In his Spring Statement speech, Chancellor Philip Hammond responded to the latest forecasts as published by the Office for Budget Responsibility (OBR).

The OBR forecasts that the UK economy will grow at a faster pace than previously predicted, anticipating that GDP growth will be 1.5% in 2018 – a rise from the figure of 1.4% that was previously predicted.

However, the OBR predicts that growth will slow in 2019, subsequently picking up over the following three years. It also revealed that the average growth rate over the forecast remains unchanged from November, at 1.4% a year.

Borrowing is set to fall over the coming years, with last year’s figure of 2.2% of GDP predicted to fall to 0.9% in 2022, with debt as a percentage of GDP also set to fall each year, within the same time frame.

In regard to the UK’s budget deficit, the OBR expects a figure of £45.2 billion this year – £4.7 billion less than previously predicted.

The OBR stated that the government’s headroom against its fiscal targets is ‘virtually unchanged’.

Quick Links

Home | Site map | Register | Accessibility | Disclaimer | Help |

© 2018 MAD Accountants Ltd. All rights reserved.


Contact Details
Address: MAD Accountants Ltd, 69 Loughborough Road, West Bridgford, Nottinghamshire NG2 7LA

Tel: 0115 9989167

Email: info@madaccountants.global


We use cookies on this website, you can find more information about cookies here.
Get in Touch
The Association of Accounting Technician's logo