Storms ahead: The economy in four charts

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If the economy is on a cruise, then, the chancellor made the cabins more affordable for some of the passengers on Wednesday.

Philip Hammond, said first-time buyers to purchase a house of up to £300,000, and do not pay the stamp tax.

While you make some passengers happy, the travel time could turn stormy in the next few years.

This is because the body that brings together economic data, is based on a dramatic deterioration of the conditions.

The Office of Budget Responsibility (OBR), which prepares the figures that the chancellor bases of your Budget, predicts that the annual economic growth will be below 2% for five years – one of the worst forecasts in the living memory.

Why the situation became so bleak? After all, the uk was one of the fastest growing of the major economies in 2016.

The answer depends on the productivity. If we return to our cruise ship, for years, the crew was able to make that go much faster each year. But after the storm that was the financial crisis of 2007, and the improvement of performance has not been repeated.

It is not clear why productivity has been so disappointing. Experts have several theories, such as poor management and lack of investment.

Whatever the reason, the official meteorologists have admitted that the productivity is unlikely to recover and that translates into slower economic growth. You can see the way in which outlook has deteriorated in the chart below.

The government’s income is closely related to the growth. The faster the economy grows, the greater the revenue of VAT, income tax, corporation tax and other revenue-raising measures.

The government is already borrowing to finance the expenditure in the departments of government and service the national debt. Plans to reduce the debt to zero, but the reduction of growth means that it will be more difficult to do.

The following graph shows how the deficit (the difference between income and expenditure), is forecast to fall in the next five years, but not as fast as the OBR predicted in the spring.