Spending Review 2021: Improved growth and 'scarring' forecasts boost spending but Sunak tightens borrowing rules

Speaking as part of the Autumn Budget 2021, Sunak pointed to figures from the Office for Budget Responsibility (OBR), which revised the UK growth rate forecast upwards in 2021 to 6.5% from the 4% predicted in March. This will see the UK economy returning to its pre-pandemic levels by "the turn of the year", the Chancellor said. The figures also revised the long-term economic "scarring" from the coronavirus pandemic downwards from 3% to 2% over the coming years. However, the coronavirus pandemic also resulted in the highest level of borrowing seen by a Parliament in peacetime, which Su...