March 18, 2015 / 2:07 PM / 5 years ago

UK public spending faces rollercoaster ride - OBR

LONDON (Reuters) - British public spending faces a “rollercoaster” ride under plans announced by Chancellor George Osborne on Wednesday with tough cuts between 2016 and 2018 followed by a surge in spending at the end of the decade, the country’s budget watchdog said.

“This leaves a rollercoaster profile for implied public services spending through the next parliament: a much sharper squeeze on real spending in 2016-17 and 2017-18 than anything seen over the past five years followed by the biggest increase in real spending for a decade in 2019-20,” the OBR said.

The OBR also said it expected the remaining spare capacity in Britain’s economy to be used up by late 2017, around a year and a half earlier than it forecast in December.

Writing by William Schomberg; editing by Andy Bruce

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