Arab Today, arab today britain misses deficit target but raises growth outlook
Last Updated : GMT 21:29:50
Arab Today, arab today
Arab Today, arab today

Britain misses deficit target but raises growth outlook

Arab Today, arab today

Arab Today, arab today Britain misses deficit target but raises growth outlook

Britain's finance minister George Osborne
London - AFP

Britain unveiled its last major budget update before next year's general election, admitting a key deficit-cutting target had been missed but revising up economic growth forecasts.
Finance minister George Osborne promised an overhaul of property taxes and spending increases on healthcare and infrastructure, toning down the austerity cuts that dominated previous budgets.
Osborne also promised more help for British exporters in emerging markets and a new 25-percent levy aimed at multinational tech companies that have avoided paying taxes on profits in Britain.
He said the economy was now forecast to grow by 3.0 percent this year compared with a previous prediction of 2.7 percent, and also revised up the estimate for 2015 to 2.4 percent from 2.3 percent.
But he admitted that the deficit "remains too high" at a forecast £91.3 billion (115 billion euros, $143 billion) in the year to March 2015, higher than a previous estimate of £86.4 billion.
That represents 5.0 percent of gross domestic product, compared with 10.2 percent when the coalition government came to power in 2010.
British Prime Minister David Cameron's Conservative Party had promised to wipe out the deficit altogether by the end of its five-year mandate.
Osborne said the deficit was forecast to fall further to 4.0 percent next year, before moving into a surplus of 0.2 percent in 2018/19.
"Today against a difficult global backdrop I can report higher growth, falling unemployment, falling inflation and a deficit which is half what we inherited," Osborne said.
With employment rising but many new jobs lower paid, the government has seen tax receipts shrink, hindering its bid to reduce the country's budget deficit further.
But Osborne hailed his achievements, saying they were particularly significant since "the warning lights are flashing over the global economy".
- 'Cost of living crisis' -
With Britons headed for the polls in May, Osborne was under pressure to deliver a crowd-pleasing budget that analysts said will only stave off more painful budget cuts until after the election.
While warning of "very substantial savings" needed in public spending, he promised £2.0 billion in extra money for the National Health Service -- a key battleground in the 2015 polls.
He also said the government would legislate to allow Northern Ireland to set its own corporation tax, a key demand in the province which said it has been penalised because of the far lower rate of 12.5 percent in the neighbouring Republic of Ireland.
Charles Davis, director of the Centre for Economics and Business Research, said the budget update was "always going to be more political than anything else -- and so it proved".
"The uncertainty over the outcome of the next election and how exactly the government will reduce its still huge borrowing requirement while funding major investment programmes are still the elephants in the room," he added.
The government has come under pressure from the opposition Labour party and trade unions, which have warned that growth has not translated into higher living standards for many people.
"For working people, there is a cost-of-living crisis," Ed Balls, the shadow finance minister from the opposition Labour party, told lawmakers.
Also on Wednesday, Osborne said the government would repay the £1.9 billion of debt still outstanding from Britain's role in World War I.
War Loan bonds are among the most widely held in Britain, with an estimated 120,000 holders.
"It is a sign of our fiscal credibility and it's a good deal for this generation of taxpayers," he said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today britain misses deficit target but raises growth outlook Arab Today, arab today britain misses deficit target but raises growth outlook

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today britain misses deficit target but raises growth outlook Arab Today, arab today britain misses deficit target but raises growth outlook

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday