The government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.
These concerns about growth prospects have been reflected in financial market volatility since the turn of the year.
Global stock markets had their worst six-week start to the year for more than 45 years, with over $8 trillion wiped off world markets.
It reduces the deficit, achieves a surplus and makes the reforms needed so Britain is fit for the future.
The UK is forecast to grow faster than any other economy this year, with employment at record highs, but with productivity growth weaker than forecast.
At the time of the Spending Review and Autumn Statement 2015, markets expected the price of oil to rise gradually to $50 per barrel in early 2016.
While a sustained fall in the oil price is a net benefit to oil importing economies like the UK, it impacts on particular sectors including the North Sea oil and gas industry.
And after a decade of cheap debt, emerging markets are facing tighter credit conditions.
Over 5 billion in capital flowed out of emerging markets last year.
So this Budget sets out long-term solutions to long-term problems and invests in the education, builds the infrastructure and supports the savings of the next generation. Since the Spending Review and Autumn Statement was published in November 2015, the outlook for the global economy has worsened and global growth has slowed, with the International Monetary Fund () predicting global growth of 3.4% in 2016, 0.2 percentage points lower than its October forecast.