- Chancellor Rachel Reeves announced updated GDP growth forecasts from the Office for Budget Responsibility (OBR) in the Commons.
- The OBR has adjusted the GDP profile, predicting slightly slower growth in 2026 but faster growth in 2027 and 2028.
- Specific growth forecasts include 1.1 per cent in 2026, 1.6 per cent in both 2027 and 2028, and 1.5 per cent in 2029 and 2030; these adjustments reflect lower net migration, though average growth across the forecast period remains largely unchanged.
- GDP per capita is now expected to grow by 5.6 per cent over the Parliament, with people forecast to be over £1,000 a year better off by the next election.
- The chancellor said her plan is to “reshape the economy” and added, “The plan that I have been driving forward since the election is the right one.”
IN FULL
