Industry sceptical of Chancellor's 'Tigger-like' positive outlook

Experts cautious on UK economy's health

Economists have urged caution on the health of the UK economy, despite an upbeat Spring Statement delivered by Chancellor Philip Hammond last week.

In the first Spring Statement, the Office for Budget Responsibility (OBR) upgraded GDP growth forecasts for 2018 from 1.4% to 1.5% and predicted inflation will fall from 3% to the target of 2% by the end of 2018, as Hammond proclaimed himself to be "positively Tigger-like" with regards to the UK's economic prospects. He said "forecasts are there to be beaten," and the UK economy "will remain outward-looking, confident and ready to compete with the best in the world". However, the OBR also forecast growth of 1.3% in each of 2019 and 2020 - in line with previous expectations - but revis...