The Office for Budget Responsibility (OBR) has revised down its growth forecasts for UK GDP.

According to its “accidentally” leaked Budget economic and fiscal risks report, the independent forecaster has stated its belief that UK GDP will now grow by 1.5% in 2025, above its 1% prediction earlier this year in the government’s spring statement.

However, the OBR has downgraded its forecasts for the subsequent four years.

It predicts that next year, growth will now be 1.4%, compared to its previous estimate of 1.9%.

For 2027, the figure falls from 1.8% to 1.5%, while in 2028 growth is now expected to be 1.5% as opposed 1.7%.

The OBR expects growth to remain at 1.5% in 2029 (down from 1.8%) and also in 2023 (a new forecast).