The British economy's growth forecast for 2024 has been revised down to 0.7%, announced Finance Minister Jeremy Hunt, referring to the latest projections from the Office for Budget
Responsibility (OBR). This new prediction marks a significant decrease from the previous outlook in March, which anticipated a 1.8% expansion next year.
Hunt highlighted the OBR's projections, indicating an anticipated economic output growth of 1.4% in 2025 and 1.9% in 2026. These forecasts also present a downgrade from the OBR's earlier predictions of growth at 2.5% and 2.1%, respectively.