This Lords Library briefing provides a summary of 2016 Budget announcements and the immediate reaction.Jump to full report >>
This Lords Library briefing on the Chancellor of the Exchequer, George Osborne’s, 2016 Budget provides an overview of some of the key measures. The briefing then outlines the immediate reaction to the statement by MPs on the day of the Budget Statement and by a selection of organisations and commentators.
The Chancellor announced a range of measures in the 2016 Budget, including:
Economic Forecasts and Fiscal Rules
The Office for Budget Responsibility (OBR) reported that its GDP growth forecast for 2016 would be revised down from 2.4 percent to 2 percent, citing a pessimistic international economic outlook and low productivity growth. The OBR’s forecast for UK output per hour was revised down. While the Chancellor would miss his target to achieve a fall in net debt as a proportion of GDP in the current year, the OBR forecast that he was expected to reach another of his targets, the achievement of a budget surplus by 2019–20.
The House of Commons Library have published:
Lords Library notes LLN-2016-0016
Authors: Charley Coleman; Edward Scott
The House of Lords Library delivers research and information services to Members and staff of the House in support of parliamentary business.