Commenting on the Chancellor’s statement today, Ulster Unionist Party Finance spokesperson, Dr. Steve Aiken OBE MLA said.

 “The Chancellor set out today to restore some confidence in her ability to manage the economy. Despite the hype, she is unlikely to have achieved that with her statement today. 

 “Disappointingly for her, the OBR cut the growth rate by half – a growth cut that her own policies have created. While much of the detail is still to be reported on, there are cuts to welfare, though probably not as drastic as some forecast.

 “By ‘Treasury’ forward accounting chicanery a headroom of £10Bn has been developed, though in the context of a £1.2 Trillion UK budget, it’s not a lot. The much-vaunted cut in overseas aid to pay for defence has only yielded up a rise of an extra £2.2 Bn – which equates to just 2 more Frigates or 70 Tanks – though the money appears to be being invested in lasers and drones. Growth that is unlikely to cause Putin to lose any sleep, or to placate President Trump.

 “The Chancellor is seeking to streamline the civil service, though the monies she is trying to save are unlikely to be realised with what she has proposed. 

 “For officials in our NI Department of Finance, they will be pouring over the Treasuries notes ready to brief the NI Executive tomorrow. While there will be changes on central funding on PIP and other welfare payments, it may not be as severe as first expected.  But what is clear, is that expectations of a further uplift from Westminster after the comprehensive spending round (CSR) and in the budget later this year, is highly unlikely.

 “As the global situation becomes more uncertain, more monies will have to be found for our defence and security, and unless the Chancellor changes her rules, as has already occurred in Germany, further austerity is round the corner.

 “However, the biggest question is, for a government determined to grow our economy in this much changed world, was this enough – the answer, we’re afraid, is a definite no.“