Six things we’ve learned from the spring statement

13th March, 2018 3:05 pm

Today Philip Hammond used the spring statement to reveal the latest projections for the UK economy. He claimed there was “light at the end of the tunnel” but refused to rule out further cuts.

Here are six things we learned from the Chancellor’s statement and the analysis that followed.

The Tories are ignoring the crisis facing all public services

Responding to the Chancellor in the chamber, McDonnell asked: “Haven’t you listened to the doctors and nurses, the teachers, the police officers, the carers and even your own councillors?”

“For eight years they’ve been ignored by this government. And today – they’ve been ignored again.”

The Shadow Chancellor accused Hammond of shifting the blame “onto the public services his colleagues are responsible for”, and called for urgent action.

Growth will fall

… and UK growth will be the worst in the OECD

Out of all the Organisation for Economic Co-operation and Development countries, the UK’s annual growth forecast is the lowest.

This is likely down to not only the hit that the UK economy will take after Brexit, but also the long-term effects of Tory austerity.

Productivity won’t improve

Brexit will cost the UK £37.1bn 

The OBR estimates that the total cost of the financial settlement to the EU will be £37.1bn.

… and we will be paying for it until 2064

The OBR forecast shows the UK will be paying for Brexit until 2064. This is mostly down to pension liabilities.

As the Guardian‘s Nicholas Watt noted, that’s 46 years a member but 48 years from the referendum to pay the bill.

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