Autumn Budget 24: OBR upgrades UK economic growth to 1.1% in 2024

On par with economists' expectations

The UK GDP is set to expand by 1.1% in 2024, Chancellor Rachel Reeves said in her Autumn Budget today (30 October).

Based on data from the Office for Budget Responsibility (OBR), Reeves said the forecast for Britain's GDP was higher than the 0.8% predicted by the OBR in March. However, the updated figure was slightly lower than the Bank of England's latest prediction of 1.1%. The latest data for 2024 matches the consensus forecasts among economists, while Capital Economics was expecting GDP growth to hover at 1% for 2024. According to the OBR, the UK economy is predicted to grow 2% in 2025, 1.8% in 2026, before declining to 1.5% in 2027 and 2028.  Autumn Budget 24: Government to raise taxes b...