Click button to open menu

2018 Spring Statement - the economic picture

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’.

Registered to carry on audit work in the UK & Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at for the UK and for Ireland, under reference number C006856925


Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Greenaway Chartered Accountants. All rights reserved.

Greenaway Chartered Accountants, 150 High Street, Sevenoaks, Kent TN13 1XE

We use cookies on this website, you can find more information about cookies here.