General Economic Status - GDP growth for 2019 has been cut to 1.1%, down from 1.4% forecast in the 2019 Spring Statement, but forecasts for the next four years have been increased to 1.8% in 2021, before dropping again to 1.5% in 2022, 1.3% in 2023 and 1.4% in 2023. Debt is forecast to fall over the course of this parliament, going down from 79.5% of GDP this year to 75.2% in 2024-25. This is of course looking somewhat historic, at least in the short term, as it will not have taken into account the impact of the Coronavirus. The Chancellor also announced an additional £360mn for the Welsh Budget. Please note, some of the following will need to be further un-picked in the Wales context.
The Chancellor stated that he will do “whatever it takes” to protect the economy from the impacts of Coronavirus. A £30bn support package was announced which includes:
Environment and Climate Change