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Sunak handed extra £51bn after growth forecasts are upgraded
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The chancellor was handed an extra £51bn for his budget after the government’s independent forecasting unit upgraded its forecast of the economy’s recovery to a more optimistic outlook for growth this year.
In a shift from its stance in March, the Office for Budget Responsibility said lower government spending and higher tax receipts had improved the public finances in 2021.
Economic growth will be 6.5% this year, up from the 4% growth rate forecast at the last budget in March and completing the return of the UK’s GDP to its previous peak by Christmas.
However, the OBR’s economic health check brought forward 1.3 percentage points of growth from its forecast for 2022, which was reduced from 7.3% to 6%. That meant the increase in predicted GDP
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