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Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.
It takes the next bold steps in the government’s long-term economic plan.
The government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.
The Budget drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.
All this means the challenge of delivering a sustained rise in living standards following the financial crisis is greater here in Britain than the Office for Budget Responsibility () had previously forecast.
This is precisely why the UK has been working through its long-term economic plan.
It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.