Britain’s growth will continue to grow 1.2 per cent this year, chancellor Philip Hammond has announced today in his Spring Statement today.
The Office for Budget Responsibility figures show growth in every year of its forecast. While it continues this year, the IMF and OECD both predict Britain to grow faster than Germany. The UK will grow 1.4 per cent in 2020 and 1.6 per cent in each of the final three years, making cumulative growth slightly higher than the Budget forecast last year.
“Provided we reach a deal to leave in an orderly fashion…this country for the first time in a decade will have genuine and sustainable choices about its future,” Hammond says.
In his Autumn Statement in October last year, the chancellor announced GDP would rise to 1.6 per cent for 2019, with growth predicted to dip to 1.4 per cent for 2020 and 2021 and returning to 1.6 per cent by 2023.