Spring Statement 2018: OBR revises up GDP; Inflation to fall to 2%

In Chancellor Philip Hammond's first Spring Statement, replacing the usual Budget which will now be held in the autumn, it was confirmed GDP growth for 2017 was 1.7% on the back of stronger-than-expected productivity growth, beating the 1.5% forecast in the Autumn budget.  In November, the GDP growth forecast for the next five years, up to and including 2022, was 1.4%, 1.3%, 1.3%, 1.5% and 1.6% respectively. These have been revised to 1.5% in 2018, 1.3% in 2019 and 2020, 1.4% in 2021 and 1.5% in 2022.  GDP is expected to grow faster in 2018, Hammond said, adding "we did it in 2017 ...