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As China rebalances towards domestic consumption, the emerging markets whose exports are geared to China’s previous manufacturing and investment-led growth are suffering.
Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.
This is a Budget that puts the next generation first.
In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people.
The combination of lower global growth and cheaper oil has meant inflation has fallen across advanced economies, with every major central bank revising down its inflation forecast.
As a result, market expectations of the timing of interest-rate rises have been pushed back.
This Budget will ensure that the UK will meet its fiscal target of achieving a surplus in 2019-20.
In addition to measures announced at the Spending Review and Autumn Statement, the government will: This Budget backs business and enterprise to drive up productivity growth and create job opportunities.
Over 5 billion in capital flowed out of emerging markets last year.
These concerns about growth prospects have been reflected in financial market volatility since the turn of the year.
Global stock markets had their worst six-week start to the year for more than 45 years, with over trillion wiped off world markets.
At the time of the Spending Review and Autumn Statement 2015, markets expected the price of oil to rise gradually to per barrel in early 2016.
This is precisely why the UK has been working through its long-term economic plan.