HM Treasury

Pre-Budget Report

The UK economy: addressing long-term strategic challenges

The UK economy: addressing long-term strategic challenges outlines the Government's long term goal of securing and maintaining macroeconomic stability, in order to promote a strong economy and achieve its objective of a fair society where there is opportunity and prosperity for all. It identifies the main trends that are likely to face the UK economy over the coming decade. It explains how, as the world becomes ever more connected and interdependent, as populations age and as the countries of the world work together to tackle climate change, so there will be new and different opportunities for Britain to prosper.
 
The document sets out the Government’s response to this changing world. It shows that the priority for Government investment has been to tackle the backlog of under investment in the country's infrastructure, its skills and science base, to drive forward the productivity of the UK. Looking forward, the Government will ensure that the outcomes of the programmes crucial for long term growth are protected during economic slowdown, whilst ensuring value for money. 

The document also considers the sectoral and geographic perspective to the policy response. Government will continue to drive for greater levels of productivity in the whole economy. However, in doing so, it needs to recognise that those business activities and sectors that have the greatest potential to grow in an increasingly competitive global market place are those in which the UK has particular relative strengths. In addition, the drivers of growth at a local level are specific to local circumstances. This is particularly the case for clusters of growth, for example in cities and city-regions, and Government policy needs to ensure that city-regions have the levers to make the most of their opportunities.

The UK economy: addressing long-term strategic challenges is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

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