The Office for the Budget of Responsibility (OBR) has downgraded its unemployment forecast and increased its growth projections, according to Chancellor Rishi Sunak in today's (27 October) Autumn Budget, who also told Parliament he will publish a new charter for budget responsibility.
The OBR's revised growth forecast has increased from 4.5% to 6.5% for 2021, followed by 6% in 2022 and 2.1%, 1.3% and 1.6% over the next three years respectively. Meanwhile, the OBR downgraded its unemployment forecast from 12% to 5.2%, according to the Chancellor, while borrowing as a percentage of GDP is forecast to fall from 7.9% by the end of 2021 to 3.3% at the end of next year. Debt is then forecast to shrink to 2.4%, 1.7%, 1.7% and 1.5% across the following years. Despite this, the Chancellor warned of "challenging months ahead" due to the fallout of the pandemic, telling Parl...
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