Autumn Budget 2017: OBR significantly cuts UK growth forecasts

Further £3bn set aside for Brexit

Laura Dew
clock • 2 min read

The Office for Budget Responsibility (OBR) has significantly reduced the UK's GDP growth forecasts for the next few years in today's Autumn Budget, as productivity growth continues to disappoint.

In the second and final Budget of 2017, Hammond revealed economic growth in 2017 is only expected to reach 1.5.%, lower than the previous forecasts in March of 2%. The OBR's forecast for 2018 has dropped from 1.6% to 1.4%, and it is also set to fall to 1.3% in 2019 and 2020, before rising slightly to 1.5% in 2021 and 1.6% in 2022.  Inflation is expected to peak at 3% this quarter before steadily falling over the following quarters.  Spring Budget 2017: OBR significantly upgrades UK growth forecast for 2017 In a Budget where the Chancellor said he was trying to take a "balanced a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read