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But growth remains positive and employment continues to rise in each of the next 5 years, with half a million more people forecast to be in work by 2021.
Today (23 November 2016) at Autumn Statement, the Chancellor set out announcements which will build an economy that works for everyone, in Northern Ireland, and the whole of the UK.
Stripping out the effects of the Bank of England interventions, underlying debt peaks this year at 82.4% of GDP and falls thereafter to 77.7% by 2021-22.
Once £12,500 has been reached, the personal allowance will rise automatically during the 2020s in line with inflation, rather than the National Minimum Wage as currently planned.
And so the government will review public spending priorities and other commitments for the next Parliament in light of the evolving fiscal position at the next Spending Review.
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