The Island’s MP has said that yesterday’s (Tuesday’s) Spring Statement convincingly spells out economic success of the current Government and that sound financial management is good news for the Isle of Wight.
Standing in the House of Commons yesterday, Chancellor Phillip Hammond delivered his 26-minute Spring Statement in which he said the country’s economy had reached a turning point and that growth is on track to be 1.5% this year, up 0.1% on the forecast.
Bob Seely MP has commented on the Statement by saying:
“This statement convincingly spells out the economic success of this Government. The country is resoundingly moving back into the black, enjoying higher growth forecasts and lower government borrowing.
“Manufacturing is on its strongest run for 50 years and the Government had achieved the first sustained fall in debt for 17 years. The doom and gloom about Brexit is simply not materialising, and the economy is resilient.
“This is the sound financial management that builds an environment for jobs, pays for public services and ensures greater prosperity and it is good news for the Isle of Wight.
“Despite the need to balance the books, the Government has also spent more than £60 billion since the 2016 Autumn Statement on public services, including extra billions on the NHS, and infrastructure for the future, while continuing to cut tax for millions of working families.
“The facts simply speak for themselves. The independent Office for Budget Responsibility has increased its growth estimate for 2017 from 1.5 to 1.7 percent with stronger growth of 1.5 percent for 2018. The British economy has now grown for eight consecutive years and is nearly 17 percent bigger than it was in 2010. In that time, the deficit has been reduced by £108 billion thanks to the hard work of the British people”.
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