26th Nov 2025 12:18
(Alliance News) - The UK's economy will grow more slowly than predicted over the next four years, according to a forecast that was published early in a budget blunder.
The Office for Budget Responsibility forecast gross domestic product would grow by 1.5% this year, an increase from its earlier 1% forecast.
But it downgraded growth in 2026 to 1.4% from 1.9%, in 2027 to 1.5% from 1.8%, in 2028 to 1.5% from 1.7% and in 2029 to 1.5% from 1.8%.
The OBR document also confirmed Rachel Reeves's budget "raises taxes by amounts rising to GBP26 billion in 2029-30, through freezing personal tax thresholds and a host of smaller measures".
By David Hughes, PA Political Editor
source: PA
Copyright 2025 Alliance News Ltd. All Rights Reserved.