Spring Statement: OBR revises down 2019 growth forecast

Warns of consequences of no deal

clock • 2 min read

UK gross domestic product (GDP) is set to grow by 1.2% in 2019, less than the 1.3% forecast in the 2018 Autumn Budget, but the economy will expand over the each of the next five year's, Chancellor Philip Hammond said in today's Spring Statement.

The UK economy is set to grow by 1.4% in 2020 and by 1.6% in the following three years, according to the Office for Budget Responsibility (OBR), although this year's growth forecast was reduced to 1.2%. It follows ONS figures released this week in which growth beat economist expectations to reach 0.5% in January, the biggest increase monthly output since December 2016. Hammond also said the OBR predicted borrowing is set to fall to £13.5bn in 2023, from £29.4bn this year, well below the previous forecast of £19.8bn in 2023. The Chancellor  praised the figures, noting "national debt...

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 UK

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

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

Growth expected to rise from 2026

Linus Uhlig
clock 26 March 2025 • 2 min read
UK inflation falls to 2.8% in February in boost to chancellor
UK

UK inflation falls to 2.8% in February in boost to chancellor

Spring Forecast takes place today

Linus Uhlig
clock 26 March 2025 • 2 min read
UK businesses to pay four times more for electricity than in 2020
UK

UK businesses to pay four times more for electricity than in 2020

Calls for Covid-style support for energy bills

clock 25 August 2022 • 1 min read