The Office for Budgetary Responsibility just released its latest fiscal outlook on the performance of the UK economy. The following are some of the more salient points.
- The UK’s GDP growth forecast for 2015 is expected to remain unchanged at 2.4%.
- The UK’s GDP growth forecast for 2016 and 2017 has been revised upwards by 0.1% to 2.4% and 2.5% respectively.
- Employment in 2015 is set to reach 31million for the first time. The unemployment rate has fallen to 5.3%.
- The budget deficit is expected to be 3.9% of GDP in 2015-2016 reaching a surplus in 2019/2020.
- House price inflation is expected to average around 5% a year till 2020.
