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- UK's Hunt: OBR sees CPI of 9.1% in 2022 and 7.4% in 2023
UK's Hunt: OBR sees CPI of 9.1% in 2022 and 7.4% in 2023
UK Finance Minister Jeremy Hunt is presenting the Autumn Budget to parliament.
Key takeaways
"OBR sees CPI of 9.1% in 2022 (March forecast 7.4%)."
"OBR sees CPI of 7.4% in 2023 (March forecast 4.0%)."
"OBR sees GDP growth of 4.2% in 2022, -1.4% in 2023, +1.3% in 2024, +2.6% in 2025 and +2.7% in 2026."
"Our priorities are stability, growth and public services."
"Our plan also leads to a shallower downturn, higher long-term growth."
"Inflation figures show we must continue relentless fight to bring it down, including important commitment to rebuild public finances."
"OBR expects rise in unemployment from 3.6% today to 4.9% in 2024 before falling to 4.1%."
"Two new fiscal rules: Underlying debt must fall as percentage of GDP by fifth year in rolling period. Second is public sector borrowing, over the same period, must be below 3% of GDP."
"Today’s statement delivers a consolidation of £55 billion and means inflation and interest rates end up significantly lower."
"In the short term, as growth slows and unemployment rises, we will use fiscal policy to support the economy."
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