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UK productivity has for decades lagged behind other major economies and in 2014 output per hour remained 20 percentage points below the This Spending Review and Autumn Statement contains further steps to invest in infrastructure, skills and science.
It sets out a long term economic plan to fix the public finances, return the country to surplus and run a healthy economy that starts to pay down its debt.Protecting the UK national interest means strengthening capabilities at home while projecting our influence abroad, ensuring Britain plays a leading role in shaping a more stable, secure and prosperous world.The Spending Review funds the Strategic Defence and Security Review in full and: The government has chosen to invest £120 billion a year by 2020-21 to protect the position of the NHS as a world class health system, and will drive forward ambitious plans to integrate health and social care services by 2020.The Spending Review and Autumn Statement sets out how the government will cut the forecast deficit by three quarters by 2016-17 from its peak, eliminate it altogether by 2019-20 and deliver a £10.1 billion surplus.This puts Britain in its strongest position for almost half a century, ensuring it can begin to reduce its debts.© Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated.
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Nominal wages increased by 3.0% on the year in the 3 months to September, while real earnings grew by 2.9% over the same period.
Low inflation, driven by falls in food and fuel prices, has helped support family incomes and household budgets.
This will mean that Britain is better prepared for future shocks, ensuring long term economic security.
The first duty of government is to ensure the economic and national security of the country.
Debt is projected to fall in every year of this Parliament as a share of and the surplus is forecast to reach £10 billion by 2019-20.