Name: Growth up, debt down–what next for Philip Hammond
Uploaded: 2018-03-26T03:17:09.000Z
Duration: 2 min
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Mr. Speaker, I am pleased to report today to the House

on a UK economy that has grown in every year since 2010.

for Budget Responsibility are the best indication

The headline is that over the next five years,

the UK economy will be a little bit sluggish still.

And the public finances will be improving, but improving

Looking at the growth forecast, the figures for last year,

We knew that, because the data was already out.

For this year, 2018, again, a very small increase, up to 1.5%

Then there's no change in 2019, 2020, and very small downgrades

over the five-year period, about the same as in November.

Taxes have been coming into the Exchequer faster than expected.

And the OBR confirmed that the Chancellor

was going to have a windfall this year of about 5

about 45 billion pounds, compared with the 50 billion

it expected as recently as the November budget.

This means that the level of debt in the economy

is going to be falling slowly as a share of national income

from this year onwards, really tiny falls at first,

and then slightly bigger falls over the next few years.

With about 5 billion pounds to play with,

if these figures are confirmed in the budget in November,

will have some scope to probably increase public spending.

It's not a big increase in public spending.

5 billion pounds is tiny compared with the overall size

in the autumn to stop a crisis in the NHS over the winter