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Denny Sullivan

Chartered Accountants

Blackwell House, Guildhall Yard,
London EC2V 5AE

020 7713 1600

& also at
Eltham Park
London, SE9

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Spring statement 2018    
bulletEconomic Outlook    
Download our concise 2018 Economic Briefing    
The stronger than expected world economy in the last four months meant the OBR revised up their GDP forecast in the near term, but further into the future the projections remain unchanged.

Lower borrowing was noted but 'headroom' against the Government’s fiscal targets is virtually unchanged from autumn 2017.



OBR downgrade pushes deficit higher

bulletEconomic Outlook    
Download our concise 2017 Economic Briefing    
The OBR revised down their productivity and GDP forecasts and, despite lower borrowing this year, increased the forecast for the budget deficit.

The Chancellor increased the prospects of a higher future deficit with higher public spending and a net tax giveaway.



Deficit much lower this year


bulletEconomic Outlook    
Download our concise 2017 Economic Briefing    
The deficit is likely to be considerably lower this year than the OBR anticipated last November owing to one-off factors and timing effects.

The OBR believe the Chancellor remains on course to meet Government targets for structural borrowing and net debt, but not balance the public finances “at the earliest possible date in the next Parliament”.


Autumn Statement 2016    

Fiscal targets relaxed to allow modest giveaway

bulletEconomic Outlook    
Download our concise 2016 Economic Briefing    
The Chancellor has relaxed Government's fiscal targets to create space for modest infrastructure spending over the next five years.

In the view of the Office for Budget Responsibility the economy is weaker following the EU referendum and together with weaker than expected income tax revenue this means that the budget is no longer expected to be in balance before the end of this Parliament, with around £20 billion annual deficit remaining in 2020-21.


BUDGET 2016    

Weaker outlook for UK economy
cuts in tax and spending

bulletEconomic Outlook    
Download our concise 2016 Economic Briefing    
Despite a weaker outlook for the economy and tax revenues, the Chancellor has announced a net tax cut and new spending commitments.    

Autumn Statement 2015    

Budget surplus of £10bn in 2019/20

bulletEconomic Outlook    
Download our concise 2015 Economic Briefing    
Government eases public spending and reverses tax cuts after OBR reappraise outlook for tax revenues higher and debt interest lower    

BUDGET 2015    

Government pushes deficit down and eases austerity

The OBR have revised down deficit forecasts and expect the debt-to-GDP ratio to fall a year earlier but increase public spending as a share of GDP later in the next Parliament.

The forecast is for the budget to be in balance by 2018-19.

bulletEconomic Outlook    



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