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Spring Statement 2019 - The Chancellor’s pre-Brexit gift from the OBR won’t go far

Spring Statement 2019 - The Chancellor’s pre-Brexit gif

Chief Economist at KPMG in the UK, Yael Selfin highlights the limited headroom the Chancellor has despite the improved revenue forecasts.

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Yael Selfin, Chief Economist at KPMG in the UK highlights the limited headroom the Chancellor has, despite the improved revenue forecasts:

“Despite the downward revision to GDP forecasts, the Chancellor was given an additional £11bn headroom today to spend, thanks to better revenue forecasts by the OBR.

“The larger war chest of £26.6bn will not go far enough in the event of a No-Deal Brexit, as the economy will require a significant boost to counter the shock.

“The much anticipated Spending Review will have room for governmental spending to rise by 3% if Brexit goes smoothly and if the Chancellor decides to spend all of his savings pot. That will be better than he’s promised so far, but may not be enough to address UK twin challenges of low productivity and inequality completely.”

                                               -Ends-

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For further information please contact:
KPMG Press office
Tel: +44 (0) 207 694 8773
Riku Heikkilä, KPMG Corporate Communications
Mobile: +44 (0)7976 326 263
riku.heikkila@kekstcnc.com

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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