UK govt lowers 2022 & 2023 growth forecasts

UK economic growth this year and in 2023 will be slower than forecast at last autumn’s budget, as rising inflation and the Ukraine war take their toll, said Finance Minister Rishi Sunak.

Delivering his Spring financial statement to parliament, Sunak said growth was forecast to pick up in 2024, just in time for the next General Election.

For this year, growth was revised down to 3.8%, from a 6.0% growth forecast in last October’s economic and fiscal outlook. In 2023 it is now expected to be 1.8% from 2.1% forecast last October, 2024: 2.1%, up from 1.3%, 2025: 1.8%, up from 1.6% and 2026: 1.7%, unchanged.