On 16th March 2016 George Osborne, Chancellor of the Exchequer, delivered his 2016 Budget to Parliament, the second budget as part of a full Conservative government.

While presenting Parliament with a gloomy global economic outlook in which turbulent markets and low productivity make for a ‘dangerous cocktail of risks’, Osborne was careful to position his budget as one that ‘puts stability first’ and that chooses ‘long-term solutions to long-term problems’. He also took the opportunity to express his view that ‘Britain will be stronger, safer and better off’ remaining in the EU.

Key Numbers
  • The Office for Budget Responsibility (OBR) has lowered its 2016 growth forecast from 2.4% in November‘s Autumn Statement to 2%. Similarly, the OBR cut its growth forecast for the next two years by 0.3%, while forecasts for 2019 and 2020 are down from 2.3% to 2.1%.
  • The OBR expects a surplus of £10.4 billion by 2019-2020, with the help of £3.5 billion in public spending cuts in 2019-2020.
  • Soft drinks companies will pay a levy on drinks with added sugar starting in April 2018, which will be used to double the dedicated funding for sport in primary schools.

Please click on the below PDF link for more details.

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Budget Highlights March 2016

 

Published: 22 March 2016