0:00
The UK economy is forecast to grow at a
0:01
slower pace than previously expected
0:04
this year with growth now forecast to
0:06
come in at an anemic 1.1% this year
0:09
compared to the OBR's previous forecast
0:13
Simon, let's talk about this OBR
0:14
forecast. It's a pretty chunky
0:17
>> Yeah, as you say, that's a pretty
0:18
massive downgrade given that the last
0:20
forecast wasn't that long ago. That
0:22
seems to coincide with a a rise in the
0:24
unemployment projections far higher than
0:27
than than they were a few months ago as
0:28
well. So, fewer people in the economy in
0:31
the economy means less economic
0:32
activity, means a slowdown in growth.
0:35
>> Let's look at those numbers again. 1.1%
0:37
this year is really tragic stuff. 18
0:41
months into a Labour government that
0:42
said growth was its defining mission.
0:45
They are upgrading by a very small
0:48
amount to forecast 1.6% growth 2027-28
0:52
before it comes back down again to 1.5%.
0:55
If that really is the trajectory of our
0:57
overall economic growth, our growth in
1:00
output over the course of a parliament,
1:01
there's really nothing to get excited
1:03
about here, is there? No, no, there
