Chancellor of the Exchequer said:
“It's good news that the economy is growing but to reach
the government's growth priority we need to stay
focused on competitive taxes, labour supply and
productivity.
"The Bank of England Governor confirmed yesterday that the Budget
has made an important start but we will keep going until the job
is done and we have the high wage, high growth economy we need."
Additional information:
- Countries around the globe have been shaken by the
consequences of Russia’s invasion of Ukraine and the energy-price
shock it triggered, and the impacts of the Covid-19 pandemic.
- The IMF is predicting around 90 percent of advanced economies
will see a decline in growth in 2023.
- Since 2010, the UK has grown faster than France, Japan and
Italy, and about the same rate as Germany
- The OBR said that have said that the measures in the Budget
caused them to revise potential output upwards by the largest
amount ever in their forecasts.
- The Spring Budget tackles two of the biggest issues in UK
productivity – employment levels and business investment – head
on, while also supporting households with cost-of-living
pressures.
- The Budget also included a £27 billion tax cut for business
through radical ‘full expensing’ policy and capital allowances
reform which will drive investment and growth.
- We are maintaining record levels of capital investment -
£600bn over the next 5 years – including investment in critical
infrastructure like Northern Powerhouse Rail, HS2 and Sizewell C,
and safeguarding the highest ever R&D budget.
MP, Labour's Shadow
Chancellor of the Exchequer, responding to the
latest GDP forecast today, said:
“Labour wants to match the ambition of the British people – while
the Tories would rather continue down a path of managed decline
of low growth and high taxes.
“Despite our country's huge potential and promise, today is
another day in the dismal low growth record book of this
Conservative government.
“The facts remain that families are feeling worse off and we're
lagging behind on the global stage.
“Labour's mission to secure the highest sustained growth in the
G7 will make families across every part of our country better
off.”
