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Uncertainty about global growth prospects has been reflected in volatility in financial markets, with world stock markets seeing trillion wiped off their value at the start of the year.As one of the most open economies in the world, the UK is not immune to global slowdowns and shocks.
It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.
The UK is forecast to grow faster than any other economy this year, with employment at record highs, but with productivity growth weaker than forecast.
As a result, the deficit at 3.8% is forecast to be down by almost two thirds from its peak, bank capital ratios have doubled and there are over 2 million new jobs since 2010.
Had the government not taken action to reduce the structural deficit from its 2009-10 level, cumulative borrowing would have been £930 billion higher in 2019-20.
Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.
That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.
So this Budget sets out long-term solutions to long-term problems and invests in the education, builds the infrastructure and supports the savings of the next generation. Since the Spending Review and Autumn Statement was published in November 2015, the outlook for the global economy has worsened and global growth has slowed, with the International Monetary Fund () predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast.
In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.
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