Autumn Budget 24: OBR upgrades UK economic growth to 1.1% in 2024

On par with economists' expectations

Sorin Dojan
clock • 3 min read

The UK GDP is set to expand by 1.1% in 2024, Chancellor Rachel Reeves said in her Autumn Budget today (30 October).

Based on data from the Office for Budget Responsibility (OBR), Reeves said the forecast for Britain's GDP was higher than the 0.8% predicted by the OBR in March. However, the updated figure was slightly lower than the Bank of England's latest prediction of 1.1%. The latest data for 2024 matches the consensus forecasts among economists, while Capital Economics was expecting GDP growth to hover at 1% for 2024. According to the OBR, the UK economy is predicted to grow 2% in 2025, 1.8% in 2026, before declining to 1.5% in 2027 and 2028.  Autumn Budget 24: Government to raise taxes b...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

OBR defends growth forecast leak as MPs question lack of tariff references in outlook
UK

OBR defends growth forecast leak as MPs question lack of tariff references in outlook

UK growth expectations slashed to 1%

Sorin Dojan
clock 01 April 2025 • 3 min read
Quilter Investors' Lindsay James: Glimmer of hope on the horizon for UK economy
UK

Quilter Investors' Lindsay James: Glimmer of hope on the horizon for UK economy

'UK still has a lot going for it'

Lindsay James
clock 01 April 2025 • 4 min read
Friday Briefing: The UK economy may be more fragile than Rachel Reeves set out
UK

Friday Briefing: The UK economy may be more fragile than Rachel Reeves set out

Friday Briefing

Cristian Angeloni
clock 31 March 2025 • 5 min read
Trustpilot