Hammond to Set Out Positive Vision for Britain

The video discusses the UK's budget deficit, which remains a challenge despite improvements since the financial crisis. The economy faces headwinds from Brexit, and potential tax changes in the North Sea oil and gas fields are considered but deemed unlikely to significantly impact growth. The discussion also touches on the anti-austerity movement and Brexit's broader implications, emphasizing the Chancellor's commitment to eliminating the deficit by 2025, which may require further tax increases or spending cuts.

What is the current state of the UK's budget deficit?

• It has decreased but remains around 3% of GDP.

• It is expected to rise to 5% of GDP.

• It has increased to 10% of GDP.

• It has been completely eliminated.

Why are potential tax changes in the North Sea oil and gas fields unlikely to significantly impact UK growth?

• The resources are too large to manage.

• The UK has no oil and gas resources.

• The resources are small scale and not cost-effective.

• The tax changes have already been implemented.

What was a major factor in the Brexit vote besides the anti-austerity movement?

• Desire for increased immigration.

• Support for more austerity measures.

• Desire for independence and sovereignty.

• Interest in joining the Eurozone.

What is the Chancellor's commitment regarding the UK deficit?

• To maintain it at current levels.

• To double it by 2025.

• To increase it by 2025.

• To eliminate it by 2025.

What might be necessary to achieve the Chancellor's fiscal goals?

• Increased government borrowing.

• Increasing foreign aid.

• Further tax rises or spending cuts.

• Reducing exports.