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PBR 2007 — Economic View

The Chancellor is relying on economic growth bouncing back quickly in order to keep public borrowing on track. John Hawksworth PricewaterhouseCoopers LLP reviews economic measures in the PBR 2007
The new Chancellor Alistair Darling has faced something of a baptism of fire in recent months due to the global credit crunch. He accepted that this would together with past interest rate rises lead to somewhat slower than expected growth and higher public borrowing in 2008 but argued that this was just a temporary setback that would have little permanent adverse impact on the public finances once economic growth bounces back in 2009 and beyond.
Nonetheless it is clear that the Chancellor had little room for manoeuvre in his first major economic statement. He confirmed that...

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