UK economy forecast to grow by 0.7% in 2024

LONDON (Reuters) – Britain’s economy is forecast to grow by 0.7% in 2024, finance minister Jeremy Hunt said on Wednesday, citing the latest projections from the Office for Budget Responsibility (OBR).

The new prediction for growth next year was much weaker than a forecast for an expansion of 1.8% next year in the OBR’s previous outlook published in March.

The OBR forecast economic output would grow by 1.4% in 2025 and by 1.9% in 2026, Hunt said as he gave a budget speech to parliament. Those forecasts were also weaker than the OBR’s previous forecasts of growth of 2.5% and 2.1% respectively.

(Writing by Kate Holton; reporting by David Milliken; Editing by William Schomberg)