Mortgage News
OBR: UK GDP to remain below 3% for five years
The Office for Budget Responsibility (OBR) has said the UK’s economic recovery will lag previous recoveries in the 1980s and 1990s.
In its economic and fiscal outlook, the OBR warns growth rates will remain below 3% for the next five years.
It said: “We expect this recovery to be weaker than the recoveries of the 1980s and 1990s, with the calendar growth rate remaining below 3% in every year.”
The OBR has already forecast growth to be weaker than expected this year, coming in at 1.7% rather than 2.1%
Inflation is also expected to be between 4% and 5% this year, before falling back next year to around 2.5%.