Chancellor of the Exchequer Philip Hammond has revealed higher than expected OBR growth projections in his Budget address.
Mr Hammond hailed his Budget as one which “paves the way for a brighter future” and said growth forecasts for 2018 had been revised up from 1.3% to
1.6%, with predictions of 1.4% for 2020 and 2021, 1.5% for 2022 and 1.6%for 2023.
He said the OBR had seen “significant improvement in our public finances.”
Other macroeconomic highlights included a deficit fall from 1.4% to 0.8% by 2023-24, an additional £500m for no-deal Brexit planning, and 800,000 more jobs by 2023.
On borrowing, the Chancellor predicted a fall in subsequent years to £31.8bn, £26.7bn. £23.8bn, £20.8bn and £19.8bn,
Mr Hammond said: “Today I can report to the British people that their hard work is paying off and the era of austerity is coming to an end.”
He added: “Our economy continues to confound those who talk it down.”
Mr Hammond had already pledged a freeze in fuel duty for the ninth year in a row.