Abstrak
The pre-budget report updates forecasts for the economy and public finances and reports on the implementation of the Government's long-term economic goals and policy priorities. Some of the main points are: i) the forecast for UK economic growth for 2004 is 3.25 per cent and is forecast to be 3 to 3.5 per cent in 2005; ii) public spending will reach £579 billion in 2007-08, £607 billion in 2008-09 and £634 billion in 2009-10; iii) government borrowing for the year to April 2004 will be £35 billion (was forecast in 2004 budget at £37.5 billion), and forecast at £34 billion for the next year; and iv) inflation forecast at 1.75 per cent next year and two per cent in the years to follow. Other measures include: a freeze on road fuel duties; £1 billion available for local authorities in England to reduce pressures on council tax rises; an extension of paid maternity leave provision; a clampdown on corporate tax avoidance schemes; and support for scientific research and development.