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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.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.The UK responds to lower productivity growth and a more difficult global economy by: in 2020-21.

Today, in the face of a cocktail of global risks, the UK is one of the best prepared.As a result, the deficit at 3.8% is forecast to be down by almost two thirds from its peak, bank capital ratios have doubled and there are over 2 million new jobs since 2010.Had the government not taken action to reduce the structural deficit from its 2009-10 level, cumulative borrowing would have been £930 billion higher in 2019-20.All this means the challenge of delivering a sustained rise in living standards following the financial crisis is greater here in Britain than the Office for Budget Responsibility () had previously forecast.This is precisely why the UK has been working through its long-term economic plan.

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