Budget boost was caused due to historic lowest borrowing in 11 years
Last month the government borrowing hit the record low for the past 11 years. This was a timely boost for the Budget and its head Chancellor Philip Hammond.A solid 4.4% tax receipts increase helped public finances in the current financial year. This was due to the better employment rates, and higher growth since last sprint.
NHS’s promise on higher spending in the coming months and coming year will be covered by the boost in the budget. This will also allow Chancellor to have some extra budget to manoeuvre says Howard Archer of EY ITEM Club.
In addition, Mr Hammond can now coordinate the budget as freely, as it should have been done. This includes increasing NHS spending (in anticipation of Brexit its unpleasant outcomes), cap on council borrowing for new property building, and continuing the freeze on the fuel duty. This all will bring a huge benefit the the society.
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