Share Prices & Company Research

Market News

03 Mar 2021 | 12:43

UK Budget: UK economy to grow by 4% this year - OBR

(Sharecast News) - Britain's economy was expected to grow by 4% this year as it emerged from the Covid-19 pandemic, Finance Minister Rishi Sunak said on Wednesday. Citing forecasts from the Office for Budgetary Responsibility, Sunak said the economy would grow by 7.3% in 2022, then 1.7%, 1.6% and 1.7% in the following years. The economy contracted by 10% last year, it's worst performance on record.

"The OBR now expects a return to pre-Covid levels by the middle of next year, six months earlier than first thought," Sunak said as he delivered his Budget speech to parliament. He added that the OBR expected a "swifter and more sustained recovery" than they were expecting in November.

However, by 20205, the OBR still expected the economy to be 3% smaller than it would have been, Sunak warned.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.