• British economy ‘is healing’
• There are ‘no quick fixes’, but ‘we are making progress’, multitude of problems abroad
• Britain’s on the right track, turning back now would be a disaster
• Deficit is set to continue falling, exports have doubled since 2009
• Investment is flowing into UK gilts, Britain is seen as a ‘safe haven’
• Will set out details of 2015-2016 spending
• Pledges further savings from welfare and the better off
• UK economy forecast to0 shrink to 0.1% in 2012- OBR ‘s new forecast
• Economy to grow by 1.2% in 2013, 2% in 2014, 2.3% in 2015 and rising to 2.7% in 2016 (all below previous forecasts)
• Unemployment likely to peak at 8.3%, lower than earlier estimates of 8.7%, private sector created more jobs than expected
• Fall in unemployment lessens impact of weaker GDP on the deficit
• Banks adding £70 bln to the National debt
• Sees deficit at 6.9% this year
• 2012-2013 budget deficit seen at £108 bln, 2013-2014 at £99bln, 2014-2015 at £88bln, £73 bln in 2015-2016 and falling to £49bln in 2016-2017
• Deficit is still too high for comfort, will take 4 years to get debt falling
• OBR says Uk fiscal mandate is on course