To use this site, please disable the ad blocking feature and reload the page.
This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content, and analyzing our website traffic. By clicking “Accept all,” you will allow the use of these cookies.
Users accessing this site from EEA countries and UK are unable to view this site without your consent. We apologize for any inconvenience caused.
REUTERS/Henry Nicholls The Elizabeth Tower, more commonly known as Big Ben, is seen reflected in a puddle as people walk outside the Houses of Parliament in London, Britain, October 23, 2022.
Reuters
12:10 JST, December 5, 2022
LONDON, Nov 17 (Reuters) – Britain’s economy is forecast to shrink by 1.4% in 2023, finance minister Jeremy Hunt said on Thursday, citing the latest projections from the Office for Budget Responsibility (OBR).
The new forecast for next year compared with a forecast for growth of 1.8% in the OBR’s previous outlook published in March.
Since then, Britain’s economy has come under strain from an inflation rate now above 11%, a slowing global economy and political and financial market volatility caused by the brief term of Liz Truss as prime minister.
The OBR forecast gross domestic product would grow by 1.3% in 2024 and grow by 2.6% in 2025, Hunt said, compared with the OBR’s previous forecasts of growth of 2.1% and 1.8% respectively.
