Britain growth forecast to be downgraded before March impacting Budget

Due to weakness in the economy and labour market shortages

clock • 1 min read

The Office for Budget Responsibility (OBR) has warned the growth prospects for Britain have declined, which could shift government plans ahead of the budget.

A report in The Times said the OBR had sent HM Treasury a private submission, in which it said it had overestimated growth prospects and intends to revise its forecasts down. The latest forecasts were published in November. Back then, the OBR said the economy would shrink 1.4% in 2023, but would pick up in the following year to growth of 1.3% in 2024 followed by 2.6% and 2.7% growth in 2025 and 2026 respectively. OBR intends to reduce these forecasts by between 0.2% and 0.5% because of weakness in the economy and labour market shortages, The Times have reported. The body also wa...

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