{"id":72995,"date":"2022-03-24T13:29:25","date_gmt":"2022-03-24T13:29:25","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72995"},"modified":"2022-03-24T13:29:26","modified_gmt":"2022-03-24T13:29:26","slug":"sunak-says-uk-economy-to-grow-more-slowly-in-2022-inflation-to-jump","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/sunak-says-uk-economy-to-grow-more-slowly-in-2022-inflation-to-jump\/","title":{"rendered":"Sunak says UK economy to grow more slowly in 2022, inflation to jump"},"content":{"rendered":"\n

UK economy will grow more slowly this year than previously predicted and inflation will be much higher, finance minister Rishi Sunak said as he gave a budget update which included measures to ease a cost-of-living squeeze.<\/p>\n\n\n\n

Sunak, announcing forecasts drawn up by the Office for Budget Responsibility (OBR), said on Wednesday the economy was likely to grow by 3.8% in 2022, a sharp slowdown from a forecast of 6.0% made in October.<\/p>\n\n\n\n

Inflation, as measured by the consumer price index, is now seen at 7.4% in 2022, compared with October’s forecast of 4.0%.<\/p>\n\n\n\n

Sunak is under pressure to offer more help to Britons who are facing their worst cost-of-living squeeze in at least 30 years and he announced a cut to fuel duty of 5 pence per litre starting later on Wednesday and lasting until March next year.<\/p>\n\n\n\n

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Earlier, data showed Britain’s consumer price inflation hit a 30-year high of 6.2% last month, driven by soaring costs for energy and food, which poorer households especially may find hard to cut back on.<\/p>\n\n\n\n

The International Monetary Fund estimates British gross domestic product will grow by 4.7% in 2022, the fastest among Group of Seven nations. The UK economy suffered a COVID-19 slump of more than 9% in 2020 and grew by over 7% in 2021.<\/p>\n\n\n\n

The OBR forecast that gross domestic product would grow by 1.8%, 2.1% and 1.8% in 2023, 2024 and 2025, Sunak said.<\/p>\n\n\n\n

In October, the OBR had forecast growth of 2.1%, 1.3% and 1.6% over the next three years.<\/p>\n\n\n\n

Writing by William Schomberg<\/em><\/p>\n\n\n\n

Source: ZAWYA<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/strong><\/a> services.<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"

UK economy will grow more slowly this year than previously predicted and inflation will be much higher, finance minister Rishi Sunak said as he gave a budget update which included measures to ease a cost-of-living squeeze. 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