MEASURES announced in the Budget will ensure that the UK economy grows in coming years, according to the Economic Secretary to the Treasury.
Asked about the OBR’s forecasts, Andrew Griffith told GB News: “They’re saying they’re confirming that they expect the UK to avoid a recession to return to growth thereafter, growth of 2.5% by 2025.
“That shows that the actions that we’re taking are working. We’ve seen inflation forecasts reduce on track to deliver the Prime Minister’s target of harming inflation this year.
“And this was a budget very much built on those firm foundations and allowing us to look at how we grow the UK economy.”
He added: “There were lots of measures today that are going to help the economy grow and they were focused on getting more people back into work into the workforce, big support for childcare, an extension of that, and also support for those businesses that are investing to reduce their level of tax, so lots there to help.
Asked about criticism about “tinkering” with business taxes by Mark Longhurst, he said: “It’s £25 billion support, it extends for the next three years.
“It allows businesses to fully expense the cost of those investments that they’re going to make to grow.
“It’s very much a positive budget for business. There’s also support for the fastest growing parts of our economy, whether that’s artificial intelligence, quantum or massive processing, computing.
“And as I said, lots of measures to help get people either back into the workforce or stay there longer, so removing the caps on pensions, so hospital consultants can continue to cut those waiting lists and a big package for parents to allow them to have child care from nine months right up until the point their child starts school.”
On the cost of living, he said: “There’s a lot here that’s going to help people with the cost of living by freezing fuel duty for the 13th successive year.
“The reduction in the great Brexit pub guarantee that’s going to reduce the price of a pint in a pub compared with buying the same drink in a supermarket, and obviously extending the energy price guarantee into the summer to protect people from their energy bills.”
On the current sell-off of banking shares, following the failure of Silicon Valley Bank, he said: “You’ll be aware that it wouldn’t be appropriate for ministers to comment on that.
“The Bank of England obviously monitors the situation closely. They do that at all times, I’m sure they’re doing that now.”
