We use this information to make the website work as well as possible and improve government services. The OBR forecasts consumption growth of 1.8% in 2017 and 0.9% in 2018 before increasing to between 1.7% and 1.9% growth for the remainder of the forecast period. As the UK begins the formal process of exiting the European Union, the Spring Budget puts economic stability first. The government was initially funded through a series of three temporary continuing resolutions. (25). The cap is based on the OBR’s forecast at Autumn Statement 2016 of the benefits and tax credits within its scope, and will apply to welfare spending in 2021-22.13. In producing the forecast, the OBR has not attempted to predict the precise outcome of negotiations, nor the breadth and depth of new relationships that may be negotiated bilaterally with the EU or other trading partners. This is higher than at Autumn Statement 2016, due to a small upward revision to the stock of household debt and a downward revision to household disposable income. The remaining funding was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2017, enacted on May 5, 2017. The UK has run a deficit on trade in goods and services for almost twenty years. The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasted from October 1, 2016 to September 30, 2017. The OBR attributes this to a combination of economic activity being stronger than expected in the short term, a structural improvement in some taxes, and timing effects and one-off factors, including higher forestalling of dividend income. As a result, the OBR expects the pace of consumer spending to slow. The agreement with the Greater London Authority (GLA) and London Councils includes joint working to explore the benefits of, and scope for, locally-delivered criminal justice services; action to tackle congestion; and a taskforce to explore piloting a new approach to funding infrastructure. These are: PSND excluding the Bank of England (PSND ex BoE) – which excludes the assets and liabilities held on the Bank of England’s balance sheet from PSND, Public Sector Net Financial Liabilities (PSNFL) – a broader fiscal aggregate which recognises all public sector financial assets and liabilities recorded in the national accounts. This would harness technology to allow VAT to be extracted directly by the Exchequer from online transactions at the point of purchase. Services inflation has been broadly stable over the last year and remains below its long-run average. The Scottish and Welsh governments’ block grants will be further adjusted as set out in their respective fiscal frameworks. Source: HM Treasury, NS&I, Office for Budget Responsibility, and UK Debt Management Office.

Data released since Autumn Statement 2016 have provided further evidence of the fundamental strength and resilience of the UK economy.1 Real Gross Domestic Product (GDP) is now 8.6% larger than its pre-financial crisis peak in early 2008, and employment is at a record high. At £3,000 the investment limit is enough to cover all the savings of over half of UK households.30 This will support savers who have been affected by low interest rates. Since 2010, the government has made good progress in restoring the public finances to health. The government will also consult on: introducing a new duty band for still cider just below 7.5% abv to target white ciders, the impacts of introducing a new duty band for still wine and made-wine between 5.5% and 8.5% abv. As set out at Autumn Statement 2016, the government will meet the commitments on public spending set out for this Parliament including commitments to priority public services, to international development and defence, and to pensioners. The OBR judges that the government remains on track to meet its interim targets two years early.4 Underscoring its commitment to fiscal discipline, new discretionary policy decisions announced at the Budget are funded over the forecast period. [17] The final bill, the Further Continuing and Security Assistance Appropriations Act, 2017, extended funding through April 28, 2017. Budget speech. ↩, ‘Maximising Economic Recovery UK in practice’, Oil and Gas Authority, 26 October 2016. ↩, ‘Connected Future’, National Infrastructure Commission, December 2016. Combined with the OBR’s judgement on the effect of policy measures, this means that inflation is expected to be slightly higher in the near term and slightly lower in later years than forecast at Autumn Statement 2016. The commitments it is able to make on protecting public spending priorities in the next Parliament will need to be determined in light of evolving prospects for the fiscal position.

Featured Content February 9, 2016 - GPO and OMB Release President Obama's Fiscal Year 2017 Budget. A strong global economy, with robust activity in the UK’s major trading partners, would benefit the economy as the UK builds on this reputation and forges new relationships with the EU and trading partners worldwide.

Tobacco duty rates – As announced at Budget 2014, duty rates on all tobacco products will increase by 2% above RPI inflation.

Household saving as a proportion of disposable income declined gradually over the two years to Q2 2016, before falling more sharply to 5.6% in Q3 2016. Business investment fell 1.0% in Q4 2016, following a modest increase of 0.7% in Q3 2016. Further details can be found in the ‘Debt management report 2017-18’. Summary of Initiatives in Budget 2017. This scheme simplifies access to reduced withholding tax rates on interest that are available within the UK’s tax treaties with other countries, introduce an exemption from withholding tax for interest on debt traded on a Multilateral Trading Facility, removing a barrier to the development of UK debt markets. PSND excluding the Bank of England (PSND ex BoE) and public sector net financial liabilities (PSNFL) are both forecast to fall as shares of GDP from 2018-19 onwards (see Box 1.B). ↩, HMRC analysis estimates that the Exchequer cost of the existing discretionary company population, as defined by the OBR in its November 2016 Economic and fiscal outlook, will be over £6 billion in 2021-22. Consumer confidence is near its long-run average and borrowing costs are low, which appear to have supported consumer spending. Building on the approach to the Better Care Fund, councils will need to work with their NHS colleagues to consider how the funding can be best spent, and to ensure that best practice is implemented more consistently across the country. Components may not sum to total due to rounding and the statistical discrepancy. Over the medium term, the OBR has not materially changed its main judgements about the economic outlook and its expectation for potential output growth over the next five years is therefore unchanged. Government investment of £400 million will be at least matched by private sector investors, and will accelerate the deployment of full-fibre networks by providing developers with greater access to commercial finance. The academic route from GCSEs, to A-levels, to higher education is well regarded and high quality. ↩, ‘Overview of Tax Legislation and Rates’, HM Treasury, and HM Revenue and Customs, March 2017. £1 billion of this will be provided in 2017-18, ensuring councils can take immediate action to fund care packages for more people, support social care providers, and relieve pressure on the NHS locally. Further information. The employment rate reached a new record high of 74.6% in the three months to December 2016, while the unemployment rate was 4.8%, the lowest in 11 years. The government has created the improved Better Care Fund to help support health and social care integration, introduced the new social care precept, and provided councils with funding certainty across every year of the Parliament through the Local Government Finance Settlement. The government is committed to ensuring public services deliver for everyone – whether by giving individuals the chance to develop skills at every stage of their lives, or supporting those in their old age – while maximising value for current and future taxpayers.

All major sectors of the economy made a positive contribution to growth in 2016, with services output increasing 2.9%, construction 1.5% and production 1.2%. ↩, ‘Intermediate and low level vocational qualifications: economic returns’, BIS, September 2011. ↩, ‘International comparisons of productivity’, ONS, October 2016. This responsible approach to setting fiscal policy underpins the sustainability of the public finances and provides certainty and security to businesses and households. ↩, ‘Section 96 – Qualifications (Learning and Skills Act 2000)’, DfE, 2000. The government is committed to supporting savers at all stages of their lives.

However, the majority of the increase in PSND as a percentage of GDP over 2016-17 and 2017-18 is due to the Bank of England’s Term Funding Scheme (TFS), which was announced in August 2016. Tables 1.6 and 1.7 show the departmental resource and capital totals set at Spending Review 2015, adjusted to reflect subsequent announcements.

↩, ‘International Comparisons of Productivity – First Estimates 2015’, ONS, October 2016. These will combine the following approaches: bringing together local public sector customers, to create enough broadband demand to reduce the financial risk of building new full-fibre networks, offering full-fibre broadband connection vouchers for businesses, to increase take-up of services where new networks are built through the programme, directly connecting public sector buildings, such as schools and hospitals. Private business surveys suggest that all sectors have continued to expand in the early months of 2017.

3 Includes transfer costs of non-produced assets. These exceptions are for third and subsequent children where parents face particular circumstances, such as multiple births. This new regime reflects an extensive consultation and input from stakeholders. Autumn Budget 2017: government action to tackle tax avoidance, evasion, non-compliance and aggressive tax planning Monetary policy remit: Autumn Budget 2017 The Chancellor commissions a … Students would also complete a high-quality industry work placement, and be expected to reach a minimum standard of English and maths. 3 General government gross debt on a Maastricht basis.

(11). Starting in 2021-22, the government will target a total carbon price and set the specific tax rate at a later date, giving businesses greater clarity on the total price they will pay.

You can change your cookie settings at any time. However, consumption growth is expected to slow over the year, as the post‑referendum sterling depreciation puts upward pressure on inflation, restraining real income growth, and household saving stabilises.