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MNI BRIEF: UK Economy Set For 11.3% Contraction in 2020: OBR

MNI PREVIEW: BOK To Hold, But New Restrictions Impact Concerns
(MNI) LONDON
LONDON (MNI)

The Office for Budget Responsibility forecasts UK GDP will fall by 11.3% in 2020 and rise 5.5% in 2021. UK borrowing will be 19% of GDP in the 2020/21 fiscal year, or GBP394 billion, decreasing to GBP164 bn in 2021-22, GBP105 bn in 2022-23 and then to hold steady at around GBP100 bn, or 4% of GDP. Underlying debt, which strips out the BOE purchases, is estimated at 91.9% of GDP this year. Chancellor Rishi Sunak is presenting the forecasts to parliament.

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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