The Chancellor, Philip Hammond, presented his first Budget last week.
It included important economic and fiscal forecasts for the remainder of this Parliament. It also included a major policy announcement on National Insurance contributions, that the Chancellor has since ditched.
While the profile of growth and borrowing forecasts changed over the forecast, with significant revisions between years, the trajectory of the forecasts remained much the same. GDP per capita remains below pre-recession levels and the deficit is forecast to remain significant, even by 2020.
The challenges for the UK economy therefore persist- sluggish growth, stagnating pay and poor productivity.
Labour is committed to meeting these challenges head-on and building a high-growth, high-pay and high-productivity economy that shares prosperity.
Have your say on last week’s Budget here, and let us know what else is needed to rebuild and transform our economy.