The UK is currently in a period of severe recession and austerity.
There is significant uncertainty over whether or not the state of the economy will rebound, meaning the economy needs to have some help.
The Office for Budget Responsibility (OBR) predicted that the national deficit for this coming financial year would be £26.8bn, or 0.6% of GDP.
However, the OBR said in its February budget statement that the level of public sector finances had not been allowed to become “sovereign uncertainty” and had instead been forced to come close to the budget forecasts.
There was a range of measures that ministers are considering – both in terms of the fiscal balance in the long-term financial year, and through the immediate measures such as the increase in public sector pay-out to staff.
What is going on with public services?
In this week’s Budget, the OBR announced that the National Living Wage (NLW) will go up by an inflation-linked 1.5% for the year ending at the end of this month.
The NLW will continue to rise at a rate of 2.5% a year for one more year in 2018
This means a 3% raise for workers with the equivalent of £12.40 a week in 2017.
What does the OBR’s April forecast mean?
The OBR’s fiscal outlook estimates that total borrowing is set to rise to £74.1bn in 2018/19, which is around 11% of GDP by this date.
Under current government policies, public spending is forecast to reach 80% of GDP in the next Parliament.
These figures suggest the government might be doing the right thing by focusing on raising spending more.
The number of U.S. troops in Iraq may be at record numbers in Syria and Iraq, but that hardly makes the war with the Islamic State of Iraq and the Levant a bloodbath.
Despite the recent uptick in the number of attacks and the rise of ISIS fighters, which have put more than 20,000 soldiers in Iraq and 30,000 Syrian rebels in Iraq on the move, the United States is still far off the worst of its “mission in Iraq” of training Iraq’s army and helping Iraqis to fight the insurgency. A recent survey by IHS noted that only half of Iraq’s Sunni Arabs approve of the U.S. mission there. There aren’t many Sunni Arab units in the Iraqi military, and much
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