The Coalition’s Autumn Statement was released yesterday afternoon. Straining his voice to speak over the hubbub of a riled House of Commons, Chancellor George Osborne delivered a seemingly endless list of measures to improve our country’s economic outlook, build infrastructure and support smaller businesses.
Osborne opened by conceding that borrowing was higher and growth slower than expected, compounding the risk of the economy slipping back into recession. The Office for Budget Responsibility (OBR), however, predicts that this will be avoided, with the UK seeing 0.9 per cent growth this year, rising incrementally to 2.3 per cent after 2013.
On a more positive note lower interest rates will save the country £22 billion over the rest of the current parliament, and estimates state that the debt to GDP ratio is set to begin falling after peaking at 78 per cent in 2014..