UK's 2025 growth forecast halved to 1.0%, OBR says
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British Chancellor of the Exchequer Rachel Reeves carries a folder as she walks in Downing Street ahead of presenting the Spring Statement to Parliament, in London, Britain, March 26, 2025. REUTERS/Hannah McKay
LONDON (Reuters) - Britain's economy is forecast to grow by 1.0% this year, the Office for Budget Responsibility said on Wednesday, halving its estimate made in October.
The OBR expects economic output to expand by 1.9% in 2026 and averaging 1.8% a year over the rest of the forecast.
That compared with the OBR's previous expectations for growth of 1.8% in 2026 and 1.5% in 2027.
"The projected acceleration in 2026 reflects monetary policy loosening, falls in energy prices, and a gradual easing of uncertainty resulting in spare capacity in the economy being used up," the OBR said in forecasts published as finance minister Rachel Reeves delivered a half-yearly budget update.
(Reporting by David Milliken and Sachin Ravikumar; writing by Suban Abdulla; Editing by Hugh Lawson)
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