Business · 3 March 2026
Growth forecast cut for 2026 economy
Rachel Reeves delivered a spring statement updating on UK finances, which was devoid of tax or spending changes. The Office for Budget Responsibility cut the 2026 growth forecast from 1.4% to 1.1%. However, forecasts for 2027 and 2028 were upgraded to 1.6%, and Reeves announced she would meet North Sea industry leaders. Reeves maintained the government has the correct economic strategy despite global instability.
Reported by Independent · How we write briefs