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Spring Statement 2019: Five years of wage growth ahead

Spring Statement Philip Hammond 5The Chancellor Philip Hammond has said wage growth is set to continue for every for the next five years.

During today’s Spring Statement Hammond stated data from the Office for Budget Responsibility’s economic forecast for the country predicted the fastest growth in a decade.

Next year the OBR also predicts 600,000 new jobs will be created and Hammond said 96 per cent of the jobs created last year were full-time.

Hammond said: “OBR is revising up wage growth to be 3 per cent or higher in every year, with inflation now around the target throughout the forecast period. That means real wage growth in every year of the forecast.”

Hammond hailed a drop in public borrowing predictions, which were now £3bn lower than expected in the last years budget.

He said: “Looking forward, borrowing will fall from £29.3bn in 2019-20, then £21.2bn, £17.6bn, £14.4bn and finally £13.5bn in 2023-24 – its lowest level in 22 years,” he said.

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