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As the effects of uncertainty diminish, the OBR forecasts growth recovering to 1.7% in 2018, 2.1% in 2019 and 2020, and 2% in 2021.
Scotland is also benefiting with more than £3.3 million of LIBOR funding raised from fines levied on banks being distributed to good causes.
About half of our economic infrastructure is financed by the private sector, and we will continue to support that investment through the UK Guarantees Scheme, which I am today extending until at least 2026.
Environment Agency teams are continuing to work hard to reduce flood risk by putting up temporary barriers, operating flood gates and using pumps. Teams are out on the ground monitoring river levels, checking and maintaining flood defences and clearing blockages in watercourses.
I have, however, exceptionally agreed to provide additional funding to the Ministry of Justice to tackle urgent prison safety issues increasing the number of prison officers by 2,500.
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