The UK GDP has been revised up to 2.4 per cent for next year, Chancellor George Osborne has announced today.
Figures from the Office for Budget Responsibility, released in line with the Autumn Statement, show that the GDP figures are up from announced in the Budget earlier this year.
The OBR forecast also predicts GDP will grow by 2.4 per cent in 2016/17, 2.5 per cent for 2017/2018. GDP will then fall back to 2.4 per cent in 2018 and 2.3 per cent in 2019/20.
Osborne pledged that the UK would “grow faster than any other major economy in the world”.
Despite weaknesses in the global economy, Osborne said the UK debt has been lowered to 82.5 per cent of national income and “will fall every year”.
It will drop to 81.7 per cent in 2016/17, 79.9 per cent for 2017/18, 72.3 per cent in 2019/20, and 71.3 per cent in 2020/21.
Osborne says the combination of lower debt interest payments and a £27bn improvement in public finances compared to the Budget will lead to this improvement.
He also said he would borrow £8bn less than forecast while funding £12bn in capital investment and infrastructure.
The Chancellor said the Government would be running a surplus of £10.1bn in 2019/20, rising to £14.7bn the following year.