UK's Hammond: Economy has shown resilience since the EU vote

The Autumn Statement from the UK Chancellor

• 
  
  UK will maintain commitment to fiscal discipline
  
  


• 
  
  Forecasts 2016 GDP at 2.1% vs 2.0% in March 
  
  


• 
  
  2017 GDP at 1.4% vs 2.2% prior
  
  


• 
  
  2018 1.7% vs 2.1% prior
  
  


• 
  
  2019 2.1% unch
  
  


• 
  
  2020 2.1% unch
  
  


• 
  
  Potential growth to be 2.4 pp lower due to Brexit
  
  


• 
  
  Labour market forecasts to remain robust
  
  


• 
  
  BOE monetary policy helped support growth since the vote 
  
  


• 
  
  No longer seeking to return to surplus in 2019/20
  
  


• 
  
  Aims for a balanced budget in the next parliament
  
  


• 
  
  No welfare savings measures this parliament
  
  


• 
  
  Tax receipts lower than expected this year leading to downward revision to future revenues
  
  


• 
  
  2016/17 budget deficit expected 68.2bn vs 55.5bn prior (def of GDP 3.5% vs 2.9% prior
  
  


• 
  
  2017/18 59bn vs 38.8bn prior
  
  


• 
  
  2017/18 PSND to GDP to peak at 90.2% vs 81.3% prior
  
  


• 
  
  Upward revision in net debt forecasts partly due to reclassification of BOE stimulus
  
  


• 
  
  BOE actions stripped out, PSND to peak at 82.4% of GDP
  
  

UK"s Hammond: Economy has shown resilience since the EU vote
UK"s Hammond: Economy has shown resilience since the EU vote
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