KPMG's Chief Economist reacts to Spring Statement | KPMG | UK

KPMG's Chief Economist reacts to the Chancellor's Spring Statement

KPMG's Chief Economist reacts to Spring Statement

Yael Selfin, Chief Economist at KPMG, offers her view of the Chancellor's speech.

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Reacting to the Chancellor’s Spring Statement today, Yael Selfin, Chief Economist at KPMG said:

“With the second half of last year showing stronger momentum for the UK economy, and outcomes for public finances also more positive than the OBR had pencilled in, some upward revisions by the OBR were always on the cards ahead of the Spring Statement. 

“In the event, the OBR chose to make only a very minor increase to this year’s growth forecast, preferring instead to reserve judgment before taking the rise in productivity over the second half of 2017 as an indication of a more lasting change. OBR forecasts for public finances were more positive, with debt now expected to fall to 77.9% of GDP by 2022-23.

“Nevertheless, the Chancellor was in a positive mood, placing his faith in the UK economy, and laying the ground for further investment to improve productivity over the coming years. He also recognised that helping management improve the performance of the companies they lead could make a big difference. Similarly, simplifying incentives, and providing a stable business environment can go a long way to encourage businesses to invest more, as well as make it easier for business to select and implement the type of investment that will boost performance most. We will hopefully hear more on that in the November Budget.”

Notes to Editors

Contact: 

Louis Clark, Senior PR Manager at KPMG: 07770 644 382/louis.clark@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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