GDP for Britain has been revised to 1.6 per cent, chancellor Philip Hammond has announced in his Budget today. It is forecast to be 1.4 per cent for the following two years.
The OBR’s forecast in the March Spring Statement was set at 1.3 per cent for 2019 and 2020.
Borrowing this year is forecast to be £11.6bn lower than the original forecast.
Borrowing will fall from £31.8bn to £26.7bn, £23.8bn, £20.8bn, £19.8bn in the following years, he announced. This year borrowing is forecast to be £11.6bn lower than forecast in the Spring Statement, 1.2 per cent of GDP.
Elsewhere, the country’s debt forecast has also been revised. Hammond announced national debt peaked at 85.2 per cent of GDP and is forecast to fall in every year from 83.7 per cent to 74.1 per cent in 2023/24 which should result in debt falling three years early.