Chancellor Philip Hammond delivered the 2019 Spring Statement to the House of Commons, and stated that the UK economy had 'reached a turning point'.
The Office for Budget Responsibility (OBR), which produced the latest economic forecasts for the Spring Statement, said: 'Economic growth in the UK and globally has slowed since the Budget in October. But tax receipts have performed better than we expected in the final months of 2018/19, and we judge that much of this buoyancy will endure.'
The Shadow Chancellor, John McDonnell, lambasted the Chancellor's Statement, saying: 'He's boasting about the deficit. He's not eliminated the deficit as we were promised by 2015. He's simply shifted it onto the shoulders of headteachers, NHS managers, local councillors and police commissioners and, worst of all, onto the backs of many of the poorest in our society.'
Meanwhile, Caroline Lucas, Co-Leader of the Green Party, stated that the government used the Spring Statement to celebrate a 'tiny improvement in growth'. She said: 'GDP isn't a real measure of our society. True indicators are people being treated in hospital corridors, and foodbank use shooting up. Our economy is designed to fail people – and it needs an overhaul.'