Economic Growth Set To Slow Next Year Despite Burnham Pledges, Watchdog Warns

Summary

The UK growth forecast has fallen to 1% for next year, according to the country’s public finances watchdog. In a new report published on Wednesday along with the first Budget of Andy Burnham’s government, the Office for Budget Responsibility ( OBR ) predicted rising inflation would slow down anticipated economic growth. While UK gross domestic product (GDP) is expected to improve by 1.2% this year – up from an estimate of 1.1% – it will go down in 2027. The OBR previously predicted the UK economy would grow by 1.6% next year. The forecast is also a blow to the government, which has vowed to…

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