Chancellor George Osborne is delivering his annual budget on Wednesday, facing a backdrop of a worsening global economic outlook and slowing growth.
Osborne is facing a £18 billion economic black hole after disappointing inflation and earnings data. As a result, he’s expected to double down on austerity.
Osborne told the House of Commons on Wednesday that Britain faces a “dangerous cocktail of risks” and it must “act now so we don’t pay later.”
The Office for Budget Responsibility (OBR) has downgraded it’s global growth forecasts and says it expected UK GDP growth to slow to 2% this year, down from 2.2% last year. The OBR also cut its UK productivity growth forecasts.
Osborne told the House of Commons: “In this budget we chose to put stability first.”
We’ll bring you the key measures and forecasts as we get them.