March 13, 2018 / 12:42 PM / 4 months ago

Highlights - Chancellor Hammond delivers update on economy

LONDON (Reuters) - Philip Hammond, Britain’s Chancellor of the Exchequer, delivered a half-yearly update on the public finances and the economy.

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street to deliver his half-yearly update on the public finances, in London, March 13, 2018. REUTERS/Toby Melville

Below are highlights from his speech to parliament:

ON OFFICE OF BUDGET RESPONSIBILITY REPORT

“Today the OBR delivers its second report for the fiscal year ... It forecasts more jobs, rising real wages, declining inflation, a falling deficit and a shrinking debt.”

ON BORROWING, AND ON LABOUR’S FISCAL PLANS

“I reported in the Autumn that borrowing was due to fall in every year of the forecast and debt to fall as a share of GDP from 2018-19.

“The OBR confirms this today and further revises down debt and borrowing in every year. Borrowing is now forecast to be 45.2 billion pounds this year, 4.7 billion pounds lower than forecast in November.

And 108 billion pounds lower than in 2010 which, coincidentally, is almost exactly the total cost of the additional spending pledges made by the Party opposite (opposition Labour Party) since the General Election last year. Mr Speaker, it’s taken them just 9 months to work up a plan to squander the fruits of eight years hard work by the British people.”

Reporting by Elisabeth O'Leary and Kate Holton, editing by Estelle Shirbon

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