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The OBR forecasts that debt will rise from 84.2% of GDP last year to 87.3% this year, peaking at 90.2% in 2017-18 as the Bank of England’s monetary policy interventions approach their full effect.
As new technologies develop, Britain must do everything it can to ensure that we are best placed to reap the benefits - and that includes incorporating innovative new systems and practices into the infrastructure that keeps our country moving.
My Right Honourable Friend, the Transport Secretary will set out more details of specific projects and priorities over the coming weeks.
In addition to the extra spending power made available to the Scottish Government, Scotland’s cities will continue to benefit from further commitments from the UK government, with funding confirmed for city deals in Aberdeen and Inverness, negotiations for a city deal with Edinburgh ongoing and the UK Government prepared to consider proposals from Tay Cities.
In 2017 the OBR forecasts growth to slow to 1.4%, which they attribute to lower investment and weaker consumer demand, driven, respectively, by greater uncertainty and by higher inflation resulting from sterling depreciation.
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