UK’s Hammond: OBR  forecasts show 2019 GDP  growth of 1.6% (March 1.3%)

British Chancellor of the Exchequer Philip Hammond is now delivering his annual budget speech to the Parliament with key quotes, via Reuters, found below.

• Will maintain headroom in fiscal rules broadly as in spring statement.
• If fiscal outlook changes materially in year, will upgrade spring statement to full fiscal event.
• OBR  forecasts show 2019 GDP  growth of 1.6 pct (March 1.3 pct).
• OBR forecasts show 2020 GDP growth of 1.4 pct (March 1.3 pct).
• OBR forecasts show 2021 GDP  growth of 1.4 pct (march 1.4 pct).
• OBR forecasts show 2023 GDP  growth of 1.6 pct.
• OBR forecasts show 2019/20 budget deficit of less than 1.4 pct of GDP  (March 1.6 pct).
• Obr forecasts show 2018/19 budget deficit of 1.2 pct of GDP  (March 1.8 pct)
• OBR forecasts show 2023/24 budget deficit of 74.1 of GDP.
• OBR has revissed down country’s equilbrium unemployment rate.
• OBR forecasting sustained real wage growth in each of next 5 years.