Autumn Statement 23: UK growth forecasts face significant downgrade

Inflation set to fall to 2% in 2025

Elliot Gulliver-Needham
clock • 1 min read

The UK economy is set to grow far less than predicted in the Spring Budget in March, Chancellor Jeremy Hunt has revealed.

In the Autumn Statement today (22 November), Hunt outlined the Office for Budget Responsibility's forecasts for the UK economy, which revealed depressed growth figures over the next five years. GDP growth is now expected to average 0.6% throughout this year, a rise compared to 0.5% in the Bank of England's latest forecasts from earlier this month, and the predicted 0.2% fall in the OBR's forecast in March. The economy is then predicted to grow by 0.7% in 2024, 1.4% in 2025, 1.9% in 2026, 2% in 2027 and 1.7% in 2028, a significant drop from the OBR's forecasts earlier this year, which ...

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