UK growth forecast revised higher for next year, according to Autumn Statement

In his opening remarks the Chancellor has indicated that he will tighten the public finances, as expected, in what some economists believe will be a ‘last push’ on fiscal consolidation in the UK.

He has also announced that the Office for Budget Responsibility (OBR) has revised its forecast for economic growth in the UK this year higher, to 3%. The rate of expansion in gross domestic product (GDP) expected next year has also been upgraded, to 2.4%, followed by similar rates over the following three years.