UK economy set to grow faster than expected this year

The UK's system is expected to turn somewhat faster than expected this twelvemonth and adjacent year, according to the government's authoritative forecaster.

Presenting the Budget, Chancellor Rachel Reeves said the Office for Budget Responsibility (OBR) predicted the system would turn by 1.1% this year, up from its erstwhile prediction of 0.8%.

The OBR besides forecast higher maturation - of 2% - successful 2025, up from its March forecast of 1.9%.

But successful 2026 and towards the extremity of the parliament, maturation would beryllium weaker than was forecast successful March.