I report today on an economy that continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down. An economy set on a path to a new relationship with our European neighbours and a new future outside the European Union. And in this Budget, we express our resolve to look forwards not backwards. To embrace that how Much Does The Uk Invest In Water Supply Yearly, to meet those challenges head on and to seize those opportunities for Britain. The negotiations on our future relationship with the EU are in a critical phase.
My Right Honourable Friend the Prime Minister has been clear that we seek a deep and special partnership, based on free and frictionless trade in goods and services, close collaboration on security and strong mutual respect and friendship. And as Chancellor, I am clear that one of the biggest boosts we can provide to businesses and families, one of the best ways to protect British jobs and prosperity as we build that new future, is to make early progress in delivering my Right Honourable Friend’s vision. With an implementation agreement that allows businesses to plan and invest with confidence. And this government will make the pursuit of that progress a top priority in the weeks ahead. While we work to achieve this deep and special partnership we are determined to ensure that the country is prepared for every possible outcome. And I stand ready to allocate further sums if and when needed.
No one should doubt our resolve! But this Budget is about much more than Brexit. The world is on the brink of a technological revolution. One that will change the way we work and live and transform our living standards for generations to come. Seize the opportunities which lie within our grasp. And build on Britain’s great global success story. Or reject change and turn inwards to the failed and irrelevant dogmas of the past. We have no doubts we choose the future.
We choose to run towards change, not away from it. To prepare our people to meet the challenges ahead, not to hide from them. And the prize will be enormous. Because, for the first time in decades Britain is genuinely at the forefront of this technological revolution. Not just in our Universities and research institutes. But this time in the commercial development labs of our great companies. And on factory floors and business parks across this land. But we must invest to secure that bright future for Britain.
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And at this Budget, that is what we choose to do. But, Mr Deputy Speaker, we are listening. And we understand the frustration of families where real incomes are under pressure. Yes, maintaining fiscal responsibility, as we at last see our debt peaking. Continuing to invest in the skills and infrastructure that will support the jobs of the future. Building the homes that will make good on our promise to the next generation. But crucially also helping families to cope with the cost of living.
A prosperous and inclusive economy where everybody has the opportunity to shine. Wherever in these islands they live. Where talent and hard work are rewarded. Where the dream of home ownership is a reality for all generations. A hub of enterprise and innovation. A civilised and tolerant place that cares for the vulnerable and nurtures the talented. A force for good in the world.
That is the Britain I want to leave to my children Mr Deputy Speaker. A Britain we can be proud of. A country fit for their future. I know we will not build it overnight. But in this Budget we will lay the foundations.
Economy and fiscal My predecessor used something a little more exotic. I will stick to plain water. I shall first report to the House on the economic forecasts of the independent OBR. Once again, I thank Robert Chote and his team for their hard work over the last few weeks. I believe passionately that the best way to improve the lives of people across the length and breadth of this country is to help them get into work. And Mr Deputy Speaker, I am acutely aware that 1.
4 million people out of work is 1. So today, I welcome the OBR forecast that there will be another 600,000 people in work by 2022. And I am immensely proud of this government’s record in having created over 3 million new jobs since 2010. But let nobody be in any doubt that this government will continue its relentless focus on getting more people into work. Giving them the security and peace of mind of a regular wage.
But I also want work to be good quality, and well-paid. And regrettably our productivity performance continues to disappoint. So today they revise down the outlook for productivity growth, business investment, and GDP growth across the forecast period. The OBR now expects to see GDP grow 1.
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3 in both 2019 and 2020, before picking back up to 1. We took over an economy with the highest budget deficit in our peacetime history. But our debt is still too high, and we need to get it down. But because excessive debt undermines our economic security, leaving us vulnerable to shocks. Because it passes the burden unfairly to the next generation. And because it cannot be right to spend more on our debt interest than we do on our police and our Armed Forces combined.
So I am pleased to tell the House that OBR expects debt to peak this year, and then gradually to fall as a share of GDP. I reaffirm our pledge of fiscal responsibility and our commitment to the fiscal rules I set out last Autumn. But now I choose to use some of the headroom I established then. So that as well as reducing debt, we can also invest in Britain’s future. And provide a little help to families and businesses under pressure.
A balanced approach that will prepare Britain for the future, not seek to hide from it. 4 billion lower than forecast at the Spring Budget. And after taking account of all decisions since the Spring Budget, the OBR’s GDP revision, and the measures I will announce today, borrowing will fall in every year of the forecast. To reach its lowest level in 20 years.
As a percentage of our GDP it falls from 2. The OBR forecast the structural deficit to be 1. The first sustained decline in debt in 17 years. At the heart of a Global Britain must be a dynamic and innovative economy. On Monday, the Prime Minister set out the key elements of our Modern Industrial Strategy.
A strategy to raise productivity and wages in all parts of our country. And to guarantee the brighter future we have promised to the next generation. My Right Honourable Friend the Business Secretary will present a White Paper to the House in the next few days. But this is not just an economic plan. It is a key part of our vision for a fairer Britain. A Britain where every one of our citizens can contribute to, and share in, the benefits of prosperity.