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UK Budget: UK economy to grow by 4% this year – OBR

Britain’s economy was expected to grow by 4% this year as it emerged from the Covid-19 pandemic, Finance Minister Rishi Sunak said on Wednesday.
Citing forecasts from the Office for Budgetary Responsibility, Sunak said the economy would grow by 7.3% in 2022, then 1.7%, 1.6% and 1.7% in the following years. The economy contracted by 10% last year, it’s worst performance on record.

“The OBR now expects a return to pre-Covid levels by the middle of next year, six months earlier than first thought,” Sunak said as he delivered his Budget speech to parliament. He added that the OBR expected a “swifter and more sustained recovery” than they were expecting in November.

However, by 20205, the OBR still expected the economy to be 3% smaller than it would have been, Sunak warned.

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