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As a result, the deficit at 3.8% is forecast to be down by almost two thirds from its peak, bank capital ratios have doubled and there are over 2 million new jobs since 2010.Had the government not taken action to reduce the structural deficit from its 2009-10 level, cumulative borrowing would have been £930 billion higher in 2019-20.Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.

In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.© Crown copyright 2016 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated.To view this licence, visit uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected] this means the challenge of delivering a sustained rise in living standards following the financial crisis is greater here in Britain than the Office for Budget Responsibility () had previously forecast.This is precisely why the UK has been working through its long-term economic plan.

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