Yesterday Chancellor Philip Hammond said there was a “light at the end of the tunnel” for the UK’s public finances, but indicated that he will not be making adjustments to the fiscal regime.
At tomorrow’s Spring Statement, Hammond will respond to new forecasts from the Office for Budget Responsibility, which is expected to predict lower borrowing and, for the first time since 2002, a current budget surplus for a tax year.
Despite new figures released by the Conservative party and pressure from Labour, Hammond has suggested that there will not be any big spending plans.
Whilst speaking to the BBC yesterday, Hammond said: “There is a light at the end of the tunnel, because what we are about to see is debt starting to fall after it’s been growing for about 17 continuous years. That’s a very important moment for us, but we are still in the tunnel at the moment.”
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