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Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.
In emerging economies risks have also increased, with falling oil prices hitting commodity-exporting economies, Russia and Brazil in recession, and China’s rebalancing leading to lower growth in a number of countries.
So this Budget sets out long-term solutions to long-term problems and invests in the education, builds the infrastructure and supports the savings of the next generation. Since the Spending Review and Autumn Statement was published in November 2015, the outlook for the global economy has worsened and global growth has slowed, with the International Monetary Fund () predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast.
In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.
In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people.
This Budget continues to lower taxes, with new support for small business and entrepreneurs, while also modernising the tax system and taking steps to ensure that taxes are fair and are paid.
It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.
The UK is forecast to grow faster than any other economy this year, with employment at record highs, but with productivity growth weaker than forecast.
The UK responds to lower productivity growth and a more difficult global economy by: in 2020-21.
The government’s first duty to the next generation is to put the public finances on a sustainable footing.
At the time of the Spending Review and Autumn Statement 2015, markets expected the price of oil to rise gradually to $50 per barrel in early 2016.