UK public spending to fall to lowest in 80 years: watchdog
[LONDON] British finance minister George Osborne's latest update to his austerity plans are set to take public spending as a share of the economy to its lowest in 80 years, the country's fiscal watchdog said on Wednesday.
"The government's policy assumption for total spending implies that the burden of the remaining consolidation would fall overwhelmingly on the day-to-day running costs of the public services - and more so after this Autumn Statement," the Office for Budget Responsibility said.
The OBR, an independent public body, said Britain's strong growth this year was due to cyclical factors, rather than long-run factors, and that as a consequence future growth would be lower than it had previously forecast.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Xi tells Blinken US, China should be 'partners, not rivals'
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing