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

'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