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Economy growth forecast has been raised from 4% to 6.5% this year, Sunak reveals
Economy growth forecast has been raised from 4% to 6.5% this year, Sunak reveals.
— Lucy Fisher (@LOS_Fisher) October 27, 2021
OBR growth estimates -
2022: 6%
2023: 2.1%
2024: 1.3%
2025: 1.6%
Scarring forecast from Covid reduced downwards from 3% to 2%.
Added at 7:45am
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Sunak: OBR expects unemployment to peak at 5.2%
— Michael Hewson (@mhewson_CMC) October 27, 2021
Sunak: To set out new fiscal rules
Added at 7:47am
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UK FINANCE MIN. SUNAK: OBR HAS ALTERED ITS PREDICTIONS FOR COMPANY INVESTMENT OVER THE NEXT FIVE YEARS.
— Breaking Market News (@financialjuice) October 27, 2021
Added at 7:48am
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FISCAL RULES. Sunak announces new Charter for Budget responsibility
— Beth Rigby (@BethRigby) October 27, 2021
- Underlying net debt must be falling as a % of GDP
- In normal times, borrowing only for infrastructure investment. Day-to-day spending should not be funded through debt
Added at 7:48am
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Sunak: Government borrowing to be 7.9% of GDP this year.
— Michael Hewson (@mhewson_CMC) October 27, 2021
3.3% In 2022/2023
2.4% of GDP In 2023/2024;
1.7% In 2024/2025