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Uncertainty about global growth prospects has been reflected in volatility in financial markets, with world stock markets seeing trillion wiped off their value at the start of the year.As one of the most open economies in the world, the UK is not immune to global slowdowns and shocks.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.The speed and intensity of the falls in commodity prices in the last 18 months have increased financial stress and worsened the economic outlook for commodity exporters like Brazil, Russia and many countries in the Middle East.The combination of lower global growth and cheaper oil has meant inflation has fallen across advanced economies, with every major central bank revising down its inflation forecast.

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It takes the next bold steps in the government’s long-term economic plan.Since 2010 the plan has been focussed on reducing the deficit, while delivering the supply side reforms necessary to improve long-term productivity growth.That has allowed an active monetary policy to support the economy while ensuring the fiscal position is sustainable in the long term.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.These concerns about growth prospects have been reflected in financial market volatility since the turn of the year.

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