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OBR: Growth at 3.8% In 2022, 1.8% In 2023

UK

Chancellor Sunak: "The actions we have taken to sanction Putin’s regime are not cost free for us at home. The invasion of Ukraine presents a risk to our recovery – as it does to countries around the world. We came into this crisis with our economy growing faster than expected… …with the UK having the highest growth in the G7 last year. But the OBR has said specifically: “There is unusually high uncertainty around the outlook”;

  • It is too early to know the full impact of the Ukraine war on the UK economy. But their initial view, combined with high global inflation and continuing supply chain pressures, means the OBR now forecast growth this year of 3.8%. The OBR then expect the economy to grow by 1.8% in 2023, and 2.1%, 1.8% and 1.7% in the following three years. The House will take comfort that the lower growth outlook has not affected our strong jobs performance: Unemployment is now forecast to be lower, in every year of the forecast. It is already at 3.9% - back to the low levels we saw before the pandemic

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