Chancellor Rachel Reeves announced that the OBR predicts the UK economy will grow by 1.1% this year, an increase from the previous 0.8% estimate.
Despite predictions of stronger growth early in the parliament, the OBR forecasts lower growth in 2027 and 2028, suggesting disappointing long-term economic prospects.
Reeves emphasized that every Budget will focus on the mission to grow the economy, while noting that inflation may stay above the Bank of England’s target until 2029.
Paul Johnson of the Institute for Fiscal Studies criticized the overall growth forecast, describing it as 'pretty disappointing stuff,' highlighting the challenges ahead for government spending.
Collection
[
|
...
]