Autumn Budget 2017: OBR significantly cuts UK growth forecasts; Hammond sets aside further £3bn for Brexit

GDP growth forecasts cut from 2% to 1.5%

The Office for Budget Responsibility (OBR) has significantly reduced the UK's GDP growth forecasts for the next few years in today's Autumn Budget, as productivity growth continues to disappoint.

In the second and final Budget of 2017, Hammond revealed economic growth in 2017 is only expected to reach 1.5.%, lower than the previous forecasts in March of 2%. The OBR's forecast for 2018 has dropped from 1.6% to 1.4%, and it is also set to fall to 1.3% in 2019 and 2020, before rising slightly to 1.5% in 2021 and 1.6% in 2022.  Inflation is expected to peak at 3% this quarter before steadily falling over the following quarters.  Budget 2017: OBR significantly upgrades UK growth forecast for this year In a Budget where the Chancellor said he was trying to take a "balanced app...