Chancellor Hammond delivers budget

(Reuters) - Chancellor Philip Hammond delivered his annual budget statement to parliament on Wednesday.
Below are highlights from the speech:

ON BREXIT:

”The negotiations on our future relationship with the EU (European Union) are in a critical phase. We are determined to ensure that the country is prepared for every possible outcome (on Britain’s exit from the EU).
“We have already invested almost 700 million pounds in Brexit preparations (… ) and today I am setting aside over the next two years another 3 billion pounds”

ON DEBT:

”At this budget, we choose a balanced approach. Yes maintaining fiscal responsibility, as we at last see our debt peaking.
”We understand the frustration of families where real incomes are under pressure.
”I am pleased to tell the house that the OBR (Office for Budget Responsibility) expects debt to peak this year… …and then gradually to fall as a share of gross domestic product (GDP).

ON OBR GROWTH FORECASTS:

”I welcome the OBR (Office for Budget Responsibility) forecast that there will be another 600,000 people in work by 2022
”The OBR now expects to see GDP grow 1.5 percent in 2017, 1.4 percent in 2018, 1.3 percent in both 2019 and 2020, before picking back up to 1.5 percent, and finally 1.6 percent in 2022

ON PRODUCTIVITY:

“Regrettably our productivity performance continues to disappoint. The OBR has assumed at each of the last 16 fiscal events that productivity growth would return to its pre-crisis trend of about 2 percent a year but it has remained stubbornly flat.”
Chancellor Hammond delivers budget Chancellor Hammond delivers budget Reviewed by Alexander Von Stern on 05:09:00 Rating: 5