UK economy forecast to grow by 0.7 per cent in 2024

Britain’s economy is forecast to grow by 0.7 per cent in 2024, finance minister Jeremy Hunt said on Wednesday, citing the latest projections from the Office for Budget Responsibility (OBR).

The new prediction for growth next year was much weaker than a forecast for an expansion of 1.8 per cent next year in the OBR’s previous outlook published in March.

The OBR forecast economic output would grow by 1.4 per cent in 2025 and by 1.9 per cent in 2026, Hunt said as he gave a budget speech to parliament. Those forecasts were also weaker than the OBR’s previous forecasts of growth of 2.5 per cent and 2.1 per cent respectively.