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UK economy forecast to grow by 0.7% in 2024

Published 22/11/2023, 12:59
© Reuters. FILE PHOTO: People carry shopping bags as they look for bargains in the traditional Boxing Day sales in Liverpool, Britain, December 26 , 2021. REUTERS/Phil Noble/File Photo

LONDON (Reuters) - Britain's economy is forecast to grow by 0.7% in 2024, finance minister Jeremy Hunt said on Wednesday, citing the latest projections from the Office for Budget Responsibility (OBR).

© Reuters. FILE PHOTO: People carry shopping bags as they look for bargains in the traditional Boxing Day sales in Liverpool, Britain, December 26 , 2021. REUTERS/Phil Noble/File Photo

The new prediction for growth next year was much weaker than a forecast for an expansion of 1.8% next year in the OBR's previous outlook published in March.

The OBR forecast economic output would grow by 1.4% in 2025 and by 1.9% in 2026, Hunt said as he gave a budget speech to parliament. Those forecasts were also weaker than the OBR's previous forecasts of growth of 2.5% and 2.1% respectively.

 

 

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