Britain’s Economic Forecast Cut to 1.5 Percent in 2017

Britain reduced the official forecasts regarding the growth of the economy, according to the finance minister Philip Hammond on Wednesday and delivered a budget statement in parliament.

The legitimate official budget forecasts are anticipated to reach 1.5 percent in 2017 which was lesser than the predicted 2.0 percent in March.

Hammond also mentioned that the Office for Budget Responsibility (OBR) the economy will most likely advance by 1.4 percent than the former forecast of 1.6 percent.

For 2019 and 2020, the growth forecasts are anticipated to reach 1.3 percent than the 1.7 and 1.9 percent forecast in March.

In 2021, the growth forecast will reach 1.5 percent compared to the previous figure assumed to be at 2.0 percent. For 2022, the forecast is 1.6 percent where there is no former prediction.

The OBR is assumed to have a negative perspective on the economy following the projected figure in October which will most likely affect the succeeding predictions for productivity growth.

A weakened economic growth would result to lower tax revenues for Hammond which makes it more difficult to meet the target and improve Britain’s public finances.