Perhaps the most notable thing about this Budget from an economic perspective was the downgrading of the economic growth forecast, not just for the next couple of years but into the medium term. Before the Brexit vote the Office for Budget Responsibility was suggesting the UK economy could grow at over 2% from the years 2017 - 2020. That figure is now down to 1.4%, just two thirds of that earlier expectation. That hasn’t done too much damage to the Chancellor’s borrowing forecast, he’s still expecting to get borrowing down, but he has dropped his commitment to getting a balanced budget or a surplus in the mid 2020s.
In terms of detailed measures, there were some helpful measures for business in various areas like training and business rates, but it was very much a bits and pieces budget. The most substantial area for action was in terms of the housing market, relieving stamp duty for first time buyers, but it remains to be seen how effective that is going to be in addressing the issues in the housing market, which are very long term in the UK.