The Office for Budget Responsibility (OBR) has downgraded the UK’s growth forecast for 2025 to 1%, Chancellor Rachel Reeves confirmed in her Spring Statement today (26 March).
In October 2024, the OBR said it expected UK GDP to grow by 2% in 2025, but leaks in February revealed that the agency was considering downgrading its forecast. At the dispatch box today, Reeves confirmed that due to "increased global uncertainty", the independent body had revised its growth forecasts down. Spring Statement 25: UK markets hold steady following Reeves' speech She said: "I am not satisfied with these numbers," and pledged to "increase investment", cut public spending on welfare by a net £3.2bn, "tear down regulatory standards" and carry out infrastructure reforms su...
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