Despite a major downgrade to the OBR’s growth forecast, the government is on track to meet its fiscal targets

Ian Stewart, chief economist at Deloitte, comments on today’s Spring Statement:

“Despite a major downgrade to the OBR’s growth forecast, the government is on track to meet its fiscal targets. But doing so will require a rapid recovery in productivity growth, further spending cuts for some departments towards the end of this parliament and for the UK to avoid the challenging effects of tariffs. 

“A lot needs to go right to meet what are very demanding fiscal targets. June’s spending review and the Autumn Budget will reveal whether they are attainable without further increases in borrowing, taxation or cuts to spending.”

Note to editors

Deloitte spokespeople

Deloitte has a range of spokespeople available to comment on today’s Statement. They can be reached on one of the following numbers: 
  
• Ian Stewart – chief economist (07774 337 581) 
• Amanda Tickel – head of tax policy (07887692978) 
• Rachel McEleney – personal tax (07920 270 964) 
• Ed Roddis – public sector (07785 682226) 
• Toby Price – stamp duty (07920 270 964) 
• Richard Bray – regions (07990 434703) 
• Mark Outtrim – business rates and freeports (07990 434703) 
• Gemma Harris – carried interest (07586 511104) 
  

About Deloitte

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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.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.