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Budget 2017: No 'spending sprees', Hammond warns | Budget 2017: No 'spending sprees', Hammond warns |
(about 3 hours later) | |
There will be no "spending sprees" in Wednesday's Budget, Chancellor Philip Hammond has warned. | There will be no "spending sprees" in Wednesday's Budget, Chancellor Philip Hammond has warned. |
Writing in the Sunday Times, he said the economy had proven to be "robust" but there was still a need for fiscal discipline ahead of leaving the EU. | Writing in the Sunday Times, he said the economy had proven to be "robust" but there was still a need for fiscal discipline ahead of leaving the EU. |
Mr Hammond said the country needed to "get back to living within our means" and reduce its borrowing. | Mr Hammond said the country needed to "get back to living within our means" and reduce its borrowing. |
The government has been under pressure to provide more money for the NHS and social care. | The government has been under pressure to provide more money for the NHS and social care. |
On Saturday tens of thousands of people marched in London to protest against "yet more austerity" in the health service. | On Saturday tens of thousands of people marched in London to protest against "yet more austerity" in the health service. |
But Mr Hammond criticised those who wanted higher borrowing as "confused" and "reckless". | But Mr Hammond criticised those who wanted higher borrowing as "confused" and "reckless". |
Public sector net debt - not including public sector banks - was £1.68bn at the end of January 2017, equivalent to 85.3% of GDP, according to the Office for National Statistics. | |
It has increased by £91.7bn since January 2016, the ONS said. | It has increased by £91.7bn since January 2016, the ONS said. |
'£500m for vocational education' | '£500m for vocational education' |
Dull Budget? Your finances will change anyway | Dull Budget? Your finances will change anyway |
Mr Hammond said the economy had "confounded expectations" and shown itself to be "remarkably resilient", but he warned this was no time for "complacency". | Mr Hammond said the economy had "confounded expectations" and shown itself to be "remarkably resilient", but he warned this was no time for "complacency". |
"As we begin our negotiations with the EU we are embarking on a new chapter in our history," he wrote. | "As we begin our negotiations with the EU we are embarking on a new chapter in our history," he wrote. |
"We need to maintain our commitment to fiscal discipline and to strengthen our economic position as we forge our vision of Britain's future in the world." | "We need to maintain our commitment to fiscal discipline and to strengthen our economic position as we forge our vision of Britain's future in the world." |
Mr Hammond last year abandoned the timetable of his predecessor, George Osborne, to eliminate the deficit by 2020, instead pledging to invest in homes and transport. | Mr Hammond last year abandoned the timetable of his predecessor, George Osborne, to eliminate the deficit by 2020, instead pledging to invest in homes and transport. |
He said this approach - to bring income and spending back into balance between 2020 and 2025 - would leave flexibility over the next few years. | He said this approach - to bring income and spending back into balance between 2020 and 2025 - would leave flexibility over the next few years. |
But Labour leader Jeremy Corbyn said the NHS was in "crisis" and called for the government to provide more funding. | But Labour leader Jeremy Corbyn said the NHS was in "crisis" and called for the government to provide more funding. |
Speaking to protesters in Parliament Square on Saturday, he said the "crisis" was caused by a "political choice" made by the government. | Speaking to protesters in Parliament Square on Saturday, he said the "crisis" was caused by a "political choice" made by the government. |