US EditionUK growth forecast for this year halved, chancellor says
- The Office for Budget Responsibility has halved the UK's economic growth forecast for 2025 from 2% to 1%.
- Households are expected to be £500 better off by 2029, but real disposable income growth is set to drop sharply after 2024, according to the Government's projections.
- Critics, including Tory shadow Chancellor Mel Stride, argue that the economic downturn is due to Reeves' choices and have condemned the spring statement for failing to address growth issues.
- Critics, including Andrew Griffith, condemned Reeves for failing fiscal rules, while Reeves defended the government's actions as responses to international pressures.
79 Articles
79 Articles
Chancellor announces more cuts as OBR lowers growth forecast
The world is changing, said Rachel Reeves – though the fact it is Donald Trump who is forcing a rise in defence spending and provoking a global trade war was left unsaid. The Spring Statement revealed this year’s growth forecast is 1% instead of 2% – meaning the Chancellor had to work hard to avoid breaking her own fiscal rules on borrowing. That explained the cuts to welfare, targeted mainly at disability benefits, which are almost as painful t…
Economic Growth Forecast Halved as Reeves Blames Global Instability
Chancellor Rachel Reeves blamed “increased global uncertainty” as the budget watchdog slashed its forecast for economic growth. The Office for Budget Responsibility (OBR) halved its forecast for growth in GDP in 2025 from 2 percent to just 1 percent. The watchdog’s assessment also indicated the chancellor would have missed her goal of balancing the nation’s books without action. Responding to the growth forecast, Reeves said: “I am not satisfied…
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