View more on these topics

Budget 2018: GDP revised upwards

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.



Spring Statement: UK GDP revised up

In today’s Spring Statement Chancellor Philip Hammond announced the forecast for UK GDP in 2018 revising it upwards compared to previous data. Estimates from the Office for Budget Responsibility say the UK economy has grown 1.7 per cent in 2017, compared to the previous forecast of 1.5 per cent announced in the Autumn Budget in November. […]


UK GDP growth hits 0.3% in Q2

UK GDP growth has “muddled through” in the second quarter hitting 0.3 per cent, according to the ONS first estimate, in line with consensus expectations. It is a slight improvement on the previous quarter. The UK delivered GDP growth of 0.2 per cent in Q1 and was the worst performing economy in the EU for […]


UK Q1 GDP growth revised down to 0.2%

UK GDP growth has been revised down to 0.2 per cent compared to the 0.3 per cent reported in April. The fall was “mainly due to broad-based downward revisions within the services sector”, ONS said in its second estimate. In particular, consumer facing industries such as retail and accommodation fell and household spending slowed, partly driven by rising prices. […]


News and expert analysis straight to your inbox

Sign up