Spring Statement: OBR revises down 2019 growth forecast as Hammond eyes Brexit 'deal dividend'

Spring Statement: OBR revises down 2019 growth forecast as Hammond eyes Brexit 'deal dividend'

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UK gross domestic product (GDP) is set to grow by 1.2% in 2019, less than the 1.3% forecast in the 2018 Autumn Budget, but the economy will expand over the each of the next five years, Chancellor Philip Hammond said in today's Spring Statement.

The UK economy is set to grow by 1.4% in 2020 and by 1.6% in the following three years, according to the Office for Budget Responsibility (OBR), although this year's growth forecast was reduced to 1.2%....