In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people.
It takes the next bold steps in the government’s long-term economic plan.
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 government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.
The Budget drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.
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.