For the first time in 17 years, the UK Government is no longer spending more than it raises in taxes.
The news of the first sustained fall in public debt since 2001 was announced by the Chancellor, Philip Hammond MP today as part of the Spring Statement.
The Chancellor also repeated his commitment to the Borderlands Growth Deal, an increase in the National Living Wage and a consultation on tackling single use plastics.
John Lamont MP said: “I was struck by the optimism of the Chancellor’s Spring Statement. We have reached a significant milestone for the UK economy. For the first time in many years, the UK is spending within our means.
“In 2008, we were spending an unsustainable £155 billion more than we were raising in taxes, so to turn this around has been remarkable. This has been done while employment has reached a record high and alongside tax cuts and wage rises for those on low incomes.
“Next year, a typical taxpayer will have received a £1,000 tax cut, while someone on a full time minimum wage will be getting £2,000 more thanks to the National Living Wage.
“I was also pleased that the Chancellor repeated his commitment to the Borderlands Growth Deal and look forward to working with UK Minister to get a deal in place soon.”