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The independent Office of Budget Responsibility (OBR) on Wednesday raised U.K. growth forecast for 2017 year to 2 percent from 1.4 percent projected in the Autumn Statement in November. OBR said that U.K. economy is set to grow at a faster pace this year as the country prepares to kick-start the process of exiting the European Union later this month.
However, the Treasury watchdog has warned that Britain’s economy is being kept afloat by an “unsustainable” spending binge. At a post-Budget briefing, the OBR highlighted that the savings ratio has fallen very substantially, back to the sort of level unseen since very early on in the 2008 financial crisis. The OBR also noted that the economic pain ahead with disposable income per person forecast to fall by 0.7 percent in 2017 meant that households were poised to go further into debt.
OBR lowered the growth outlook for 2018 to 1.6 percent from 1.7 percent. For 2019, growth was seen at 1.7 percent versus 2.1 percent earlier. The projection for 2020 was lowered to 1.9 percent from 2.1 percent. Growth was seen at 2 percent in 2021.
The watchdog warned the Government was “not on course” to meet its flagship target to balance the books as early as possible after 2020. It said that the budget deficit was likely to be as high as one percent in 2021-22, even before the impact of an ageing population and rising healthcare costs.
Chancellor of the Exchequer Philip Hammond expressed hope that the budget would provide a strong and stable platform for "Brexit" negotiations.
