Press release
15 March 2023
Ian Stewart, Deloitte’s chief economist, comments on today’s Budget:
“Falling energy prices and low unemployment mean a brighter outlook - with the UK avoiding recession and inflation dropping, permitting more public spending and tax cuts.
“The official forecast for growth has switched from pessimism in November to optimism today. But, as the current turbulence in the banking sector demonstrates, the economic backdrop is volatile and highly changeable. The uncertainties are legion and a lot needs to go right to validate today’s forecasts.
“Meeting the government’s debt rule by even a narrow margin and raising defence spending will require tight control of public spending over the next five years. This is a better outlook than we could have expected in November - but the UK economy remains subject to events far beyond the government’s control.”
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Deloitte spokespeople
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Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
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