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MNI BRIEF: OBR Sees Return To Low UK Growth After 2022 Surge

LONDON (MNI)

The UK's Office for Budget Responsibility's updated forecasts, underpinning Wednesday's Budget, show the UK economy accelerating sharply in 2022 before sliding back to a prolonged period of slow growth, of somewhere around 0.4% a quarter.

The OBR projections are compatible with a 'sugar rush' view of the post-covid economic recovery, with growth forecast to be 4% in 2021, 7.3% in 2022, 1.7% in 2023, 1.6% in 2024 and 1.7% in 2025, with the peak in unemployment slashed to just 6.5%. As widely reported, Chancellor of the Exchequer Rishi Sunak is extending Job support schemes through to September.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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