Name: オータムステートメント2016：11月23日 (Autumn Statement 2016: 23 November)
Uploaded: 2021-01-14T06:37:46.000Z
Duration: 1 h 8 min 48 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

>>The Chancellor of the Exchequer (Mr Philip Hammond): It is a privilege to report today

on an economy that the International Monetary Fund predicts will be the fastest-growing

major advanced economy in the world this year. It is an economy with employment at a record

high and unemployment at an 11-year low; and an economy that, through the hard work of

the British people, has bounced back from the depths of Labour’s recession. It is

an economy that has confounded commentators at home and abroad with its strength and resilience

since the British people decided, exactly five months ago today, to leave the European

Union and chart a new future for our country.

That decision will change the course of Britain’s history. It has thrown into sharp relief the

fundamental strengths of the British economy that will ensure our future success: the global

reach of our services industries; the strength of our science and high-tech manufacturing

base; and the cutting-edge British businesses that are leading the world in disruptive technologies.

But it is a decision that also makes more urgent than ever the need to tackle our economy’s

long-term weaknesses such as the productivity gap, the housing challenge, and the damaging

imbalance in economic growth and prosperity across our country. We resolve today to confront

those challenges head on, to prepare our country to seize the opportunities ahead, and, in

doing so, to build an economy that works for everyone—an economy where every corner of

this United Kingdom is part of our national success.

I want to pay tribute to my predecessor, my right hon. Friend the Member for Tatton (Mr

Osborne). My style will, of course, be different from his. I suspect that I will prove no more

adept at pulling rabbits from hats than my successor as Foreign Secretary has been at

retrieving balls from the back of scrums, but my focus on building Britain’s long-term

future will be the same. My right hon. Friend the Member for Tatton took over an economy

on the brink of collapse, with the highest budget deficit in our post-war history, and

brought that down by two thirds. That is a record of which he can be proud.

But times have moved on, and our task now is to prepare our economy to be resilient

as we exit the EU and to be match-fit for the transition that will follow. So we will

maintain our commitment to fiscal discipline while recognising the need for investment

to drive productivity, and for fiscal headroom to support the economy through the transition.

Let me turn now to the forecasts. Since 2010, the Office for Budget Responsibility has provided

an independent economic and fiscal forecast to which the Government must respond—gone

are the days when the Chancellor could mark his own homework—and I thank Robert Chote

and his team for their hard work. Today’s OBR forecast is for growth to be 2.1% in 2016—higher

than forecast in March. In 2017, the OBR forecasts growth to slow to 1.4%, which it attributes

to lower investment and weaker consumer demand driven, respectively, by greater uncertainty

and by higher inflation resulting from sterling depreciation. That is slower, of course, than

we would wish, but still equivalent to the IMF’s forecast for Germany, and higher than

the forecast for growth in many of our European neighbours, including France and Italy. That

fact will, no doubt, be a source of very considerable irritation to some.

As the effects of uncertainty diminish, the OBR forecasts growth recovering to 1.7% in

2018, 2.1% in 2019 and 2020, and 2% in 2021. While the OBR is clear that it cannot predict

the deal the UK will strike with the EU, its current view is that the referendum decision

means that potential growth over the forecast period is likely to be 2.4 percentage points

lower than would otherwise have been the case. The OBR acknowledges that there is a higher

degree of uncertainty around these figures than usual.

Despite slower growth, the UK labour market is forecast to remain robust. We have delivered

over 2.7 million new jobs since 2010, and this forecast shows that number growing in

every year—another 500,000 jobs created over the OBR forecast, providing security

for working people across the length and breadth of Britain.

For those who claim that the recovery is just a south-east phenomenon, I have some news:

over the past year employment grew fastest in the north-east, the claimant count fell

fastest in Northern Ireland, pay grew most strongly in the west midlands, and every UK

nation and region saw a record number of people in work. That is a labour market recovery

Monetary policy has played an important role in supporting growth since the referendum

decision, but a credible fiscal policy remains essential for maintaining market confidence

and restoring the economy to long-term health. In view of the uncertainty facing the economy,

and in the face of slower growth forecasts, we no longer seek to deliver a surplus in

2019-20, but the Prime Minister and I remain firmly committed to seeing the public finances

return to balance as soon as practicable, while leaving

enough flexibility to support the economy in the near term.

Today I am publishing a new draft charter for budget responsibility with three fiscal

rules: first, that the public finances should be returned to balance as early as possible

in the next Parliament and, in the interim, cyclically adjusted borrowing should be below

2% by the end of this Parliament; secondly, that public sector net debt as a share of

GDP must be falling by the end of this Parliament; and, thirdly, that welfare spending must be

within a cap set by the Government and monitored by the OBR. In the absence of an effective

framework, the welfare bill in our country spiralled out of control, with spending on

working-age benefits trebling in real terms between 1980 and 2010. As a result of the

action that we have taken since 2010, that spending has now stabilised. The cap I am

announcing today takes into account the policy changes made since the last Budget, setting

a realistic baseline reflecting all announced welfare policies. I confirm again today that

the Government have no plans to introduce further welfare savings measures in this Parliament

I now turn to the OBR’s fiscal forecasts, but first I will set out the key drivers of

changes since the Budget: the post-Budget changes that were made to welfare and housing

policies cost the Exchequer £8.6 billion over the forecast period; expected Office

for National Statistics classification changes have added £12 billion since the Budget;

and tax receipts have been lower than expected this year, causing the OBR to revise down

projected revenues in the future. Added to this is a structural effect of rapidly rising

incorporation and self-employment, which further erodes revenues.

Combining those pressures with the impact of forecast weaker growth, and taking account

of the measures I shall announce today, the OBR now forecasts that, in cash terms, borrowing

is set to be £68.2 billion this year, falling to £59 billion next year and £46.5 billion

in 2018-19, and then £21.9 billion, £20.7 billion, and finally £17.2 billion in 2021-22.

Overall, public sector net borrowing as a percentage of GDP will fall from 4% last year

to 3.5% this year, and it will continue to fall over the Parliament, reaching 0.7% in

2021-22. This will be the lowest deficit as a share of GDP in two decades. The OBR expects

cyclically adjusted public sector net borrowing to be 0.8% of GDP in 2020-21, comfortably

meeting our target to reduce it to less than 2% and, importantly, leaving significant flexibility

to respond to any headwinds that the economy may encounter.

The OBR’s forecast of higher borrowing and slower asset sales, together with the temporary

effect of the Bank of England’s action to stimulate growth, translates into an increased

forecast for debt in the near term. The OBR forecasts that debt will rise from 84.2% of

GDP last year to 87.3% this year, peaking at 90.2% in 2017-18 as the Bank of England’s

monetary policy interventions approach their full effect. In 2018-19, debt is projected

to fall to 89.7% of national income—the first fall in the national debt as a share

of GDP since 2001-02—and it is forecast to continue falling thereafter. Members might

be interested to know that after stripping out the effects of the Bank of England interventions,

underlying debt peaks this year at 82.4% of GDP and falls thereafter to 77.7% by 2021-22.

字幕リスト動画再生

オータムステートメント2016：11月23日 (Autumn Statement 2016: 23 November)

commitment

strategy

term

infrastructure