BRITAIN’s economy will continue to grow over the next five years – but at a slower rate than previously thought.
Philip Hammond announced today that officials have decided that our economic growth forecasts have been cut.
PA:Press Association The Budget also sees the Office for Budget Responsibility publishing their forecasts for the economy These are the highlights from the autumn Budget announced today by Chancellor Philip Hammond
The Office for Budget Responsibility said that the economy would grow 1.5 per cent this year, which is down from 2 per cent back in March.
And it will continue to slow for the next few years – but will pick up again in 2020.
But in brighter news for Brits, inflation will reach its highest point of 3 per cent this year, before falling, he said.
Financial experts said that debt will also peak – and will gradually fall.
Mr Hammond said it was a “turning point in our recovery”.