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Sunak: OBR Revises Growth Upwards

UK

Chancellor Rishi Sunak: "Growth this year is revised up from 4% to 6.5%. The OBR then expect the economy to grow by 6% in 2022, and 2.1%, 1.3% and 1.6% over the next three years. In July last year, at the height of the pandemic, unemployment was expected to peak at 12%.

  • "Today, the OBR expect unemployment to peak at 5.2%.That means over 2 million fewer people out of work than previously feared. And wages are rising: Compared to February 2020, they have grown in real terms by 3.4%. I can confirm for the House that the OBR's forecast for business investment has been revised up over the next five years. "
  • "And because of the actions we took to support our economy… …we have been more successful than previously feared in preventing the long-term economic damage of covid. The OBR have today revised down their scarring assumption from 3% to 2%"
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