Spring Statement: OBR revises down 2019 growth forecast

Warns of consequences of no deal

clock • 2 min read

UK gross domestic product (GDP) is set to grow by 1.2% in 2019, less than the 1.3% forecast in the 2018 Autumn Budget, but the economy will expand over the each of the next five year's, Chancellor Philip Hammond said in today's Spring Statement.

The UK economy is set to grow by 1.4% in 2020 and by 1.6% in the following three years, according to the Office for Budget Responsibility (OBR), although this year's growth forecast was reduced to 1.2%. It follows ONS figures released this week in which growth beat economist expectations to reach 0.5% in January, the biggest increase monthly output since December 2016. Hammond also said the OBR predicted borrowing is set to fall to £13.5bn in 2023, from £29.4bn this year, well below the previous forecast of £19.8bn in 2023. The Chancellor  praised the figures, noting "national debt...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on UK

UK businesses to pay four times more for electricity than in 2020
UK

UK businesses to pay four times more for electricity than in 2020

Calls for Covid-style support for energy bills

clock 25 August 2022 • 1 min read
UK

IA Global sector enjoys record £934m sales in April

Reduced UK outflows

Sam Shaw
clock 06 June 2019 • 2 min read
UK

Dan Kemp: What UK investors can learn from the Champions League

Set new goals

Dan Kemp
clock 31 May 2019 • 3 min read