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While delivering his budget spring statement, British finance minister Philip Hammond noted that the Office for Budget Responsibility (OBR) has cut its 2019 growth forecast to 1.2% from 1.6% announced in the fall budget statement in October.  

Key quotes (via Reuters)

  • OBR forecasts show 2020 GDP growth of 1.4% (oct: 1.4%).
  • OBR forecasts show 2021 GDP growth of 1.6% (Oct: 1.4%).
  • OBR forecasts show 2022 GDP growth of 1.6% (Oct: 1.5%).
  • OBR forecasts show 2023 GDP growth of 1.6% (Oct: 1.6%).
  • Asuming Brexit deal is agreed, I intend to launch full 3-year spending review before summer recess.
  • Spending review will set budgets beyond national health service.
  • Provided we reach Brexit deal with orderly transition, UK will have genuine and sustainable choices about its future.
  • Last night’s vote leaves cloud of uncertainty hanging over economy.
  • The economy itself is remarkably robust.