Spring Statement: UK GDP revised up for 2018


"And while the budget deficit looks likely to come in nearly £5 billion lower this year than we expected in November, the explanations for this imply smaller downward revisions for future years".

Philip Hammond promised Britain that "our best days lie ahead of us", as he delivered an upbeat spring statement paving the way for a boost to public spending in the autumn.

Hammond will use today's Spring Statement to announce a call for evidence on such a tax.

The OBR also revised down debt and borrowing costs.

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

Instead, he said the economy had grown in every year of the Conservative-led governments, with manufacturing enjoying its longest unbroken run of growth for 50 years, three million additional jobs and higher levels of employment in every part of the UK.

The shadow chancellor labelled Mr Hammond's "complacency" as "astounding" during the Spring Statement, before sounding warnings over the state of the United Kingdom economy.

Furthermore, the government has said that it is working with 44 areas which have submitted bids to the Housing Infrastructure fund, to make sure that only those homes that are needed are being built. Hammond will be updating the parliament on UK's economic outlook.

Bears expected to sign wide receiver Allen Robinson
That injury was a significant factor in the Jaguars opting not to hand him the franchise tag and allowing him to hit free agency. Knowing their current state, Robinson likely landed in the optimal offense to succeed from a production standpoint.

United Nations hails Uhuru-Raila truce pact
We call on the Kamba nation to rally behind this noble historical initiative for the good of our people", he said. Kenyan President Uhuru Kenyatta (L) shakes hands with Raila Odinga in Nairobi , capital of Kenya, March 9, 2018.

March Madness 2018: NCAA women's basketball tournament schedule
Track the NCAA women's basketball tournament with our printable bracket as all the action unfolds for the next three weeks. UConn, Notre Dame, Louisville and Mississippi State are the No. 1 seeds in the women's basketball NCAA Tournament .

The Chancellor talked up "substantial progress" on the Brexit talks so far and said he looks forward to "another important step forward next week at the European Council", when negotiating teams meet.

The Chancellor claimed we are at a "turning point in the nation's recovery" as he announced the economy grew by 1.7 per cent in 2017, compared to the 1.5 per cent forecast at the Budget in November.

Inflation hit 3.1% in November 2017, but the OBR predicted it had reached its peak.

However, growth for 2019 and 2020 will remain unchanged from previous estimates of 1.3 per cent and will rise to 1.5 per cent in 2021 and 2022.

The Office for Budget Responsibility's forecasts for the deficit, debt, GDP and productivity will form the backbone of the statement.

The Office for Budget Responsiblity has upgraded its forecasts for United Kingdom growth to 1.5% for 2018, slightly above the 1.4% it predicted in November.

The new forecasts for net borrowing as a percentage of GDP are 1.8% for 2018/19, 1.6% for 2019/20, 1.3% for 2020/21, 1.1% for 2021/22 and 0.9% for 2022/23.

Plastic waste is also in the Treasury's sights, with Mr Hammond announcing a consultation on implementing a plastic tax.