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.
- 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.
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Published: 22 March 2016