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| comment | | "parent_author":"",<br>"parent_permlink":"blockchain",<br>"author":"steembd",<br>"permlink":"ukeconomyatturningpoint-hammond-yrozy40gor",<br>"title":"UK economy at turning point - Hammond",<br>"body":"<center>https:\/\/www.nehans.net\/steembd\/wp-content\/uploads\/2018\/03\/840eddb42d4666206e08c4a3f71b1dc3.jpeg<\/center> <br \/><figure class=\"media-with-caption\"> <div> <img src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p060zs5q.jpg\" \/><br> <div>Media playback is unsupported in your device<\/div> <div> <\/div> <\/div> <figcaption class=\"media-with-caption__caption\">Media captionPhilip Hammond states economic growth forecasts happen to be revised.<\/figcaption> <\/figure><p>Chancellor Philip Hammond has unveiled upgraded projections for growth and predicted falling inflation and borrowing in the Spring Statement.<\/p><p>He claimed the United kingdom economy had arrived at a level there was \"light in the finish from the tunnel\".<\/p><p>He eliminated an instantaneous finish to austerity but hinted at possible spending increases later on.<\/p><p>Work accused him of \"astounding complacency\" when confronted with the worst ever public sector funding crisis.<\/p><p>The chancellor opposed calls from Work and a few Tories to make use of the additional cash from your unpredicted increase in tax receipts to alleviate the spending squeeze.<\/p><div> <div> <\/div> <\/div><p>But he stated he'd \"set a general path for public spending for 2020 and beyond\" in the Fall budget,<br> having a detailed spending review in 2019.<\/p><ul> <li><a href=\"\/news\/uk-politics-43387155\">Labour: Hammond's 'astounding complacency'<\/a><\/li> <li><a href=\"\/news\/business-43386678\">Reality Check: Is the chancellor right that debt is shrinking?<\/a><\/li> <li><a href=\"\/news\/uk-politics-43389534\">At-a-glance: The key points<\/a><\/li> <\/ul><h2>The raw figures<\/h2><figure class=\"media-landscape\" no-caption full-width\"> <img src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/184AC\/production\/_100400599_chart-debt_forecasts-8ibpr-nc.png\" \/><br> <\/figure><p>The chancellor told MPs growth was forecast to become 1.5% this season,<br> up from 1.4% forecast through the Office for Budget Responsibility in November,<br> using the forecast for 2019 and 2020 unchanged at 1.3%.<\/p><p>In the 26 minute statement also,<br> he stated debt could be falling like a share of GDP from 2018-19,<br> which will be the oncoming of \"the very first sustained fall indebted for 17 years,<br> a level within the nation's recovery in the economic crisis of about ten years ago\".<\/p><p>Mr Hammond told MPs: \"This is the OBR's forecast,<br> Mr Speaker,<br> but forecasts exist to become beaten.\"<\/p><p>OBR chief Robert Chote stated: \"Overall the referendum election does appear to possess weakened the economy once we and many other forecasters expected,<br> but not really almost as much ast we forecast in November 2016. <\/p><p>\"Getting stated all of this,<br> we're still coping with the early drafts of monetary background and it is important to not put an excessive amount of weight on which continue to be early indicators of monetary activity each side from the Brexit election.\"<\/p><p>He stated the United kingdom was borrowing under forecast this season because of more tax arriving from self-employed workers - revenues are £2.9bn greater than predicted.<\/p><p>But he added: \"We do not expect a lot of so good news to push forward into long term.\"<\/p><p>In front of Mr Hammond's statement,<br> the OECD stated the United kingdom economy will grow in a slower pace than every other major advanced or emerging nation this season,<br> because it elevated its growth forecast to at least one.3% in 2018.<\/p><figure class=\"media-landscape\" no-caption full-width\"> <img src=\"https:\/\/ichef-1.bbci.co.uk\/news\/320\/cpsprodpb\/0258\/production\/_100400600_chart-debt_cash_forecasts-a10q0-nc.png\" \/><br> <\/figure><ul> <li><a href=\"\/news\/business-43386678\">Reality Check: Is the chancellor right that debt is shrinking?<\/a><\/li> <li><a href=\"\/news\/business-43383586\">Why is chancellor so bullish about economy?<\/a><\/li> <\/ul><h2>How about Brexit?<\/h2><p>The OBR has calculated the United kingdom continuously pay contributions in to the EU budget until 2064 - 45 years following the official date of Brexit - using the total \"withdrawal bill\" amounting to £37.1bn. <\/p><p>The primary reason behind this would be that the government may have an on-going liability for any proportion of EU staff's pensions earned as the United kingdom would be a member.<\/p><p>Mr Hammond was without much to say of Brexit in the statement - prompting opposition claims he understood there'd not be any \"Brexit dividend\" for that United kingdom economy.<\/p><p>Mr Hammond stated: \"Our economy does still face uncertainty once we feel the settlement process using the Eu.\"<\/p><p>But he added that business confidence would improve because the government delivered \"greater clearness\" about its Brexit plans,<br> adding: \"We beat the forecast in 2017,<br> let us beat it again in 2018.\"<\/p><ul><li><a href=\"\/news\/uk-politics-43390309\">Reality Check: Brexit cash allocated to departments<\/a><\/li><\/ul><h2>More income for that NHS?<\/h2><figure class=\"media-with-caption\"> <div> <img src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p0610l8z.jpg\" \/><br> <div>Media playback is unsupported in your device<\/div> <div> <\/div> <\/div> <figcaption class=\"media-with-caption__caption\">Media captionEntirely: Laura Kuenssberg interviews Philip Hammond<\/figcaption> <\/figure><p>Philip Hammond gave the clearest hint yet that he's ready to increase paying for health,<br> within an interview with BBC Political Editor Laura Kuenssberg. <\/p><p>The chancellor stated he recognises the pressures for additional spending within the NHS,<br> municipality \"along with other areas\" and that he wished the advance within the public finances \"hinted\" at through the OBR would permit him to increase spending in the Fall budget.<\/p><p>He acknowledged a \"continuous upward pressure\" on NHS spending due to an ageing population and developments in care. <\/p><ul> <li><a href=\"\/news\/uk-politics-43391758\">Kuenssberg: Hammond looks to next election<\/a><\/li> <li><a href=\"\/news\/business-43389358\">Hammond's tough hand - Kamal Ahmed<\/a><\/li> <li><a href=\"\/news\/uk-politics-43389537\">Hammond: I recognise pressures on NHS<\/a><\/li> <\/ul><h2>What else was announced?<\/h2><p>Mr Hammond didn't use his Spring Statement like a \"small-Budget\" as with previous years,<br> and rather unveiled a number of consultations on future policies,<br> including:<\/p><ul> <li>A decrease in tax on for that least polluting vans to \"assist the great British white-colored van driver go eco-friendly\"<\/li> <li>A potential tax on <a href=\"http:\/\/www.bbc.co.uk\/news\/business-43387328\">single use plastic<\/a> <\/li> <li>A brand new <a href=\"http:\/\/www.bbc.co.uk\/news\/business-43383614\">'tech tax'<\/a> searching at just how firms like Google and Facebook are taxed<\/li> <li>A phone call for evidence \"on whether using non-farming red diesel tax relief plays a role in poor quality of air in cities\"<\/li> <li>The way forward for cash and digital payments,<br> which <a href=\"http:\/\/www.bbc.co.uk\/news\/business-43388662\">could spell the end for 1p and 2p coins<\/a> <\/li> <\/ul><p>Also,<br> he stated the following revaluation for business rates has been introduced toward 2021,<br> then the federal government will proceed to revaluations every 3 years and you will see yet another £1.7bn to provide 26,<br>000 affordable homes working in london.<\/p><h2>The speeches entirely<\/h2><figure class=\"media-with-caption\"> <div> <img src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p060zt0v.jpg\" \/><br> <div>Media playback is unsupported in your device<\/div> <div> <\/div> <\/div> <figcaption class=\"media-with-caption__caption\">Media captionSpeech entirely: Hammond sees \"light in the finish of tunnel\"<\/figcaption> <\/figure><figure class=\"media-with-caption\"> <div> <img src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p060zvrx.jpg\" \/><br> <div>Media playback is unsupported in your device<\/div> <div> <\/div> <\/div> <figcaption class=\"media-with-caption__caption\">Media captionResponse entirely: McDonnell on \"astounding complacency\"<\/figcaption> <\/figure><h2>Exactly what the opposition made from it<\/h2><p>Labour's shadow chancellor John McDonnell stated: \"Will the chancellor really believe the NHS can wait another eight several weeks for that lifesaving funds it requires? The number of individuals have to die browsing an ambulance before he functions?\"<\/p><p>Mr McDonnell also elevated concerns over funding for schools,<br> the emergency services and native councils.<\/p><p>He stated \"austerity would be a political choice no economic necessity\",<br> adding: \"I was never all within this together because they claimed.\"<\/p><p>The SNP's leader at Westminster,<br> Ian Blackford,<br> stated: \"The sunshine in the finish from the tunnel is really a hard Brexit,<br> which will cost jobs and success within the the united states.\"<\/p><p>Lib Dem leader Mister Vince Cable stated \"Brexit was dragging the economy lower\" and also the chancellor have been right to not switch on the general public spending taps since there was still being \"hardly any freedom\" within the public finances.<\/p><p>Eco-friendly Party co-leader Caroline Lucas tweeted: \"Tories celebrate a small improvement in development in today's #SpringStatement,<br> but GDP is not a genuine way of measuring society. True indicators are people receiving treatment in hospital corridors & foodbank use shooting up. Our economy is made to fail people - also it needs a change.\"<\/p><h2>And lastly...<\/h2><figure class=\"media-landscape\" no-caption full-width\"> <img src=\"https:\/\/ichef-1.bbci.co.uk\/news\/320\/cpsprodpb\/B680\/production\/_100402764_gettyimages-71289820.jpg\" \/><br> Image copyright Getty Images <\/figure><p>Mr Hammond accused Work of speaking the economy lower,<br> evaluating these to the gloomy character from Winnie the Pooh he's themself been likened to previously.<\/p><p>\"Should there be any Eeyores within the chamber they're there. I meanwhile am inside my most positively Tiggerlike today,<br> when i contemplate a rustic which faces the long run with unique strengths.\"<\/p><p>Labour's shadow communities secretary Andrew Gwynne joked on Twitter that Mr Hammond was \"speaking Pooh\".<\/p> <div> <a href=\"http:\/\/www.bbc.co.uk\/news\/uk-politics-43380212\/comments\"> View comments <\/a> <\/div> <div><div><div><h2>Related Topics<\/h2><ul><li><a href=\"\/news\/topics\/cz5jl94n7mrt\/austerity\">Austerity<\/a><\/li><li><a href=\"\/news\/topics\/clm1wxp5378t\/uk-economy\">UK economy<\/a><\/li><li><a href=\"\/news\/topics\/c008ql15d4gt\/philip-hammond\">Philip Hammond<\/a><\/li><li><a href=\"\/news\/topics\/cl72r5pyqent\/chancellors-spring-statement\">Chancellor's Spring Statement<\/a><\/li><li><a href=\"\/news\/topics\/cm8wjnpwpr9t\/uk-government-spending\">UK government spending<\/a><\/li><li><a href=\"\/news\/topics\/cp7r8vglnnwt\/nhs\">NHS<\/a><\/li><\/ul><\/div><\/div><\/div><p>Find out more: <a href=\"http:\/\/www.bbc.co.uk\/news\/uk-politics-43380212\">http:\/\/www.bbc.co.uk\/news\/uk-politics-43380212<\/a><\/p><\/p><br \/><center><hr\/><em>Posted from my blog with <a href='https:\/\/wordpress.org\/plugins\/steempress\/'>SteemPress<\/a> : https:\/\/www.nehans.net\/steembd\/2018\/03\/15\/uk-economy-at-turning-point-hammond\/<\/em><hr\/><\/center>",<br>"json_metadata":" \"community\":\"steempress\",<br>\"app\":\"steempress\/1.0.1\",<br>\"tags\":[\"blockchain\",<br>\"bitcoin\",<br>\"cryptocurrency\",<br>\"money\",<br>\"news\" " | | comment_options | "author":"steembd",
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