Autumn Statement 23: GDP forecasts 'slashed' as inflation expectations climb

OBR report

The Office for Budget Responsibility has revised down the UK’s GDP growth forecasts and revised up its inflation predictions from its March report, the body revealed today (22 November).

Michael Field, European market strategist at Morningstar, said today had brought "little in the way of good news" from a macroeconomic perspective, describing rising inflation forecasts and "slashed" GDP predictions as "a double-whammy of negativity". Inflation Inflation is expected to average 4.8% in the final quarter of this year, 1.9 percentage points higher than predicted in the March forecast. Autumn Statement 23: UK growth forecasts face significant downgrade Throughout 2023, it is now expected to average 7.5%, up from 6.1% in March, and is predicted to average 2.1% between...