Autumn Statement 2016 summary

The Economy

• The Office for Budget Responsibility (OBR) upgraded the growth forecast for 2016 to 2.1% but downgraded the forecast for 2017 to 1.4% with comment that forecasts are more unpredictable than usual due to Brexit negotiations.
• The government will no longer seek to deliver a budget surplus in 2019-20 rather it will be as soon as possible in the next Parliament.

• Borrowing will be £68.2billion this year, falling gradually over the next 5 years to a projected 17.2billion in 2021-22.
• Jobs growth has been strong across the country, with employment standing at a record high of 74.5% in the 3 months to September 2016.
• A new National Productivity and Investment Fund will receive £23billion to invest in infrastructure and innovation to help drive growth, together with affordable housing and measures to improve productivity which lags significantly behind the US and Germany as well some other European countries