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Eight years ago, the UK was one of the worst prepared to face the financial crisis.

Today, in the face of a cocktail of global risks, the UK is one of the best prepared.

Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.

In emerging economies risks have also increased, with falling oil prices hitting commodity-exporting economies, Russia and Brazil in recession, and China’s rebalancing leading to lower growth in a number of countries.

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.

In addition to measures announced at the Spending Review and Autumn Statement, the government will: This Budget backs business and enterprise to drive up productivity growth and create job opportunities.

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