Spring Budget 2021: Sunak adds £65bn of support as OBR cuts growth forecast

Chancellor promises 'whatever it takes'

Mike Sheen
clock • 3 min read

Chancellor Rishi Sunak provided an additional £65bn of fiscal support in today’s (3 March) Spring Budget, promising the government will do “whatever it takes” to support the UK economy, which is expected to bounce back more slowly than expected this year.

The Office for National Statistics (ONS) revealed that it now expects the UK economy to grow by 4% in 2021, down from the 5.5% forecast in November, with GDP growth of 7.3%, 1.7%, 1.6% and 1.7% in the four years that follows respectively. According to the ONS, the UK economy fared better than expected in 2020, falling by 9.9% compared to 11.3% forecast in November. Addressing the House of Commons, Sunak was clear that despite the government's "unprecedented response" the economic implications of the pandemic has been "acute" amid more than 700,000 job losses and borrowing at its highe...

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

Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read
Bank of England halts interest rate cuts amid ongoing inflation

Bank of England halts interest rate cuts amid ongoing inflation

As priced in by markets

Sorin Dojan
clock 20 March 2025 • 2 min read
More work needed to tackle inflation as BoE members warn of further market turmoil

More work needed to tackle inflation as BoE members warn of further market turmoil

BoE MPC members spoke at Treasury Committee hearing

Sorin Dojan
clock 06 March 2025 • 2 min read