Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth. This is precisely why the UK has been working through its long-term economic plan. All this means the challenge of delivering a sustained rise in living standards following the financial crisis is greater here in Britain than the Office for Budget Responsibility ( OBR) had previously forecast. As one of the most open economies in the world, the UK is not immune to global slowdowns and shocks. Uncertainty about global growth prospects has been reflected in volatility in financial markets, with world stock markets seeing $8 trillion wiped off their value at the start of the year. 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. Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks. 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 ( IMF) predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast. But the challenges the country faces are growing. With employment at a record rate of 74.1%. back savers with a new flexible Lifetime ISA for young people and a higher ISA limit for allīritain is forecast by the Organisation for Economic Co-operation and Development ( OECD) to be the fastest growing major advanced economy this year.support working people with a £11,500 personal allowance and a £45,000 higher rate threshold.accelerate education reforms and improve children’s health with a soft drinks industry levy.boost enterprise with a reduction in Capital Gains Tax and tax for the self-employed.back business with a major overhaul of corporation tax reliefs, a lower corporation tax rate and a big reduction in small business rates.make additional savings equivalent to 0.5% of total government spending, to ensure the nation lives within its means.In this Budget, the government will take action to: 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. The UK is forecast to grow faster than any other G7 economy this year, with employment at record highs, but with productivity growth weaker than forecast. It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future. It takes the next bold steps in the government’s long-term economic plan. In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people. View OFA’s national (PDF) and individual state pie charts (PDF)for more information on how states used their TANF and MOE funds in FY 2017.This is a Budget that puts the next generation first. From FY 2016 to FY 2017, the amount of funds used for basic assistance and child care decreased (by $314 million and $110 million, respectively) while the amount used for work, education, and training activities increased by $444 million -however this was reflective of an increase in only a few states.OFA’s interactive map shows the distribution of this spending by state. 27 states used less than half of their TANF and MOE funds on the combination of basic assistance work, education, and training activities and child care. 16.1 percent was used for child care (including funds transferred to the Child Care Development Fund).10.5 percent was used for work, education, and training activities and.
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