Spring Budget 2017: Chancellor gifted with OBR upgrade, as UK prepares for new future

Spring Budget 2017: Chancellor gifted with OBR upgrade

Yael Selfin, Chief Economist at KPMG UK, commented on the Spring Budget 2017.

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“The Chancellor was handed a gift by the Office for Budget Responsibility in the form of an upgraded outlook for 2017, in anticipation of more resilient consumer spending. However, expectations for GDP growth in later years were scaled back slightly. 

“The major changes to his spending plans included around £2bn increase in social care funding over the next three fiscal years, which in total amounts to ten per cent of spending on social care in 2015-16, and £2.2bn for education, which in total amounts to only 2.6% of education spend in 2015-16. 

“While the Chancellor stressed the importance of improving UK productivity performance, no further spending was announced beyond the support for education. No doubt the Chancellor is saving as much as he can for any possible deterioration in the economic outlook later on. More would need to be done in order to make the UK fit for its new future, but with current uncertainties and relatively strong growth, the Chancellor has some time on his side.”

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For further information please contact:

KPMG Press office

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Alastair Henry, Citypress (On behalf of KPMG)

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Email: alastair.henry@citypress.co.uk 

 

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