The small upward revisions to real GDP in recent years means that productivity growth wasn’t quite as weak as previously thought. The OBR will take these revisions into account ahead of the Budget on 26th November. But they are very unlikely to prevent the downgrade to the OBR’s productivity growth forecasts that will contribute to the Chancellor having to raise around £28bn, most likely via higher taxes, in the Budget.
We’ll be discussing the outlook for UK growth, inflation, interest rates, and financial markets in 20-minute online briefing on Wednesday 1st October at 3pm BST. (Register here.)
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