Posted 3/6/2024, 1:24:59 PM
UK Economic Growth Forecasts Up Slightly, Borrowing and Debt Still High
- UK economy forecast to grow 0.8% in 2023 and 1.9% in 2025, slightly faster than previously expected
- Growth forecasts raised by Office for Budget Responsibility (OBR)
- Chancellor cites higher growth outlook for ability to maintain spending increases without raising borrowing sharply
- Borrowing still set to fall below 3% of GDP by 2025-26
- Debt as percentage of GDP to peak at 92.9% in 2028-29, still higher than current level of 89%
