It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.
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This is a Budget that puts the next generation first.
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.
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.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.As one of the most open economies in the world, the UK is not immune to global slowdowns and shocks.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 () had previously forecast.This is precisely why the UK has been working through its long-term economic plan.Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.