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UK growth forecast for this year halved, chancellor says

Sky News Wednesday, 26 March 2025 ()
The Office for Budget Responsibility has halved the UK growth forecast for 2025 from 2% to 1%, Chancellor Rachel Reeves has said.
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News video: Reeves: Nation's defences are stronger with spending boost

Reeves: Nation's defences are stronger with spending boost 01:34

Rachel Reeves has outlined her plans to "strengthen our nation's defences", by increasing defence spending to 2.5% of GDP and to build 1.5 million new homes. The chancellor acknowledges that the OBR has downgraded the UK's growth forecast for 2025 from 2% to 1%, but adds, "it has upgraded growth for...

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Office for Budget Responsibility Office for Budget Responsibility Advisory non-departmental public body in the UK

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The Office for Budget Responsibility (OBR) has given its latest take on the economy, and it's full of big changes to its economic projections but also plenty of..
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