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June 1, 2018
The UK economy is ‘out of intensive care’ and on the slow road to recovery, the Chancellor George Osborne has said.
Speaking ahead of the Spending Review on 26 June, Osborne claimed the economic situation was improving, but he warned that the budget deficit was still high.
‘There certainly is a chance of a relapse if we abandon our economic plan,’ he told the BBC.
His comments came as the Treasury confirmed that it had completed talks with Government departments regarding their spending limits for 2015-16 onwards.
It is hoped spending cuts, worth around £11.5 billion, will help to reduce the country’s budget deficit.
‘We have completed the spending round savings early and without all the arguments you normally get,’ a Treasury spokesman said. ‘This shows our determination to take the tough decisions needed to deliver our economic plan and to turn Britain around.’
The Federation of Small Businesses (FSB) recently called on the Chancellor to use the Spending Review as an opportunity to ‘stimulate investment and growth’.
Meanwhile, the Forum of Private Business (FPB) said firms needed ‘clarity, commitment and reassurance’ if they are to invest.
‘Clearly government is depending on private investors to grease the wheels of economic recovery, but businesses will want to hear the right noises from the Chancellor if they are to put their hands in their pockets,’ commented the FPB’s Chief Executive, Phil Orford.
‘The announcements therefore must have clarity of message, real financial commitment on the public side, and reassurance that the current policy direction is a long-term aspiration that can deliver in the short and medium terms’.
June 1, 2018