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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.
We are working closely with the devolved administrations to get the best possible deal for all parts of the UK as we leave the EU. The Prime Minister is committed to engaging with the Joint Ministerial Committee, bringing together the devolved administrations and the UK Government. This will ensure cooperation and consensus between governments.
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.
In Universal Credit, as a person’s income increases, their benefit payments are gradually reduced. The taper rate calculates the reduction in benefits as a person’s salary increases.
The Registered Traveller Service provides approved members, who have undergone advanced security checks an expedited clearance through the UK border.
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