UK Economic Growth Forecast Revised Down to 1.0% for 2025

Finance Minister Rachel Reeves announced today that the UK economy is now forecast to grow by 1.0% in 2025, according to the latest projections from the Office for Budget Responsibility (OBR). This represents a significant downgrade from the previous forecast of 2.0% growth made in October. The revised outlook reflects ongoing economic challenges facing the UK. Despite the lower near-term growth expectations, the OBR projects a more optimistic outlook for subsequent years, with growth forecasts of 1.9% for 2026 and 1.75% for the remainder of the decade. Reeves delivered these updated projections as part of her half-yearly budget update to Parliament.

 

Source: Sky News