11 0

The Treasury's official forecaster has delivered its weakest GDP forecasts for the UK since it was established in 2010 on the back of a collapse in productivity growth. According to the Chancellor, Philip Hammond, the Office for Budget Responsibility expects GDP growth to slow to 1.5 per cent this year, before dipping to just 1.3 per cent in 2019, when the UK is due to leave the European Union, Growth only picks up to 1.6 per cent in 2022, still below the 1.8 per cent in 2016. The Chancellor said this was based on a much more pessimistic productivity growth forecast by the OBR. An analysis of the OBR's previous forecasts shows that this is the first time it has forecast GDP growth to be below 2 per cent at the end of its five year forecast. Full story

22 November