Spring Statement 25: OBR downgrades UK growth forecast to 1% for 2025

In October 2024, the OBR said it expected UK GDP to grow by 2% in 2025, but leaks in February revealed that the agency was considering downgrading its forecast. At the dispatch box today, Reeves confirmed that due to "increased global uncertainty", the independent body had revised its growth forecasts down.  She said: "I am not satisfied with these numbers," and pledged to "increase investment", cut public spending on welfare by a net £3.2bn, "tear down regulatory standards" and carry out infrastructure reforms such as building a third runway at Heathrow to remedy this. In its fore...