UK Economic Growth Forecasts Cut Amid Rising Debt Costs
Fiscal headroom shrinks to £15 billion by 2029/30 as inflation and global conflicts weigh on projections.
Carla Rooney
The Office for Budget Responsibility forecasts UK economic growth at 1.2% this year.
The Office for Budget Responsibility now expects a mere 1.0 percent growth, down from the previous 1.6 percent. The economy will slow next year.
UK gross domestic product (GDP) will improve by 1.2 percent this year, up from a previous estimate of 1.1 percent. However, UK economic growth projections for next year face drastic cuts.
Global economic storms exacerbate this slowdown. The conflict also impacted economic growth projections.