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Business summary

Business summary

Stella Amiss, our Tax Leader for Policy, Reputation, Media and Regulation in the UK, discusses the business implications from the Chancellor's Spring Statement announcement.

Chancellor bides his time as the UK remains in the slow lane of global growth

UK economic growth has slowed over the past couple of years, but the latest news has been somewhat more positive on the back of a stronger global economy. The Office for Budget Responsibility (OBR) nudged up its 2018 GDP growth forecast from 1.4% to 1.5% to reflect this better international outlook, which is in line with our own latest growth projection for this year.

Jam tomorrow, not today, in the Chancellor’s Spring Statement

Blog by Andrew Sentance, PwC's Senior Economic Adviser. The first “Spring Statement” since the Budget was moved to the Autumn last year was a pretty dull affair. The Office for Budget Responsibility did not give the Chancellor much to work with. Economic growth was revised up very slightly this year, but the medium-term outlook is very subdued. UK economic growth is forecast to be 1.6 percent or below for the next five years. This compares with a long-run economic growth rate of just over 2 percent going back to the early 19th century.

Economic overview

Economic overview

Andrew Sentance, our Senior Economic Adviser gives his views on the Spring Statement and its impact.