This was the final Autumn Statement of the current Parliament ahead of the election in May 2015. Delivered with passion, George Osborne hailed the UK as having “the fastest growing major advanced economy in the world”. He announced that the “long-term economic plan was working” because “against a difficult global background, I can announce a deficit that is half of what we inherited.”
The Chancellor did state that the “warning lights are flashing on global economy” and declared that “Britain cannot be immune to the risks of the global economy” but also revealed that “over the last year, the economy of Britain has grown two and a half times faster than Germany” and that a year ago, the country’s GDP was expected to grow by 2.7%, but had actually increased to 3.0%.
Britain’s economic health was claimed to be promising as borrowing is falling to £93.1bn this year and there will be a surplus of £4bn in 2018/19, rising to £23bn in 2019/20. “Four and a half years ago, our economy was in crisis. Through the storm we have stayed the course and now we are on course for a national recovery, prosperity and a surplus.” However, the Chancellor warned that “savings need to be made in public spending and £13.6bn is to be saved in 2015/16 because to get to a surplus and maintain it, cuts will have to be made.”