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Forecasters have predicted that the UK economy will see growth higher than initially expected.
The Office for Budget Responsibility (OBR) had forecasted that GDP in the UK will see a 1.1% increase in 2024, where forecasting from March 2024 stated a rise of 0.8% for the year.
Future estimations have the UK economy growing by 2% by next year, where previous forecasting stated 1.9%.
For the years following, the UK economy is forecasted to grow by 1.8% in 2026, and 1.5% in both 2027 and 2028.
Inflation rates in September are the lowest recorded in the last 3 years, sitting at 1.7% with the Chancellor going on to state that the UK Government will keep the inflation rate target at 2% for the Bank of England.
OBR forecasts have predicted inflation rates at 2.6% for 2025, however, rates are set to dop over the years following, with 2028 inflation rates forecasted at 2.1%.
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