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The UK responds to lower productivity growth and a more difficult global economy by: in 2020-21.The government’s first duty to the next generation is to put the public finances on a sustainable footing.Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.In emerging economies risks have also increased, with falling oil prices hitting commodity-exporting economies, Russia and Brazil in recession, and China’s rebalancing leading to lower growth in a number of countries.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.
That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.
This provides the bedrock of security for working people.
This Budget will ensure that the UK will meet its fiscal target of achieving a surplus in 2019-20.
The speed and intensity of the falls in commodity prices in the last 18 months have increased financial stress and worsened the economic outlook for commodity exporters like Brazil, Russia and many countries in the Middle East.
The combination of lower global growth and cheaper oil has meant inflation has fallen across advanced economies, with every major central bank revising down its inflation forecast.
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