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The UK economy’s growth forecast for 2025 has been halved to 1%, down from the previous prediction of 2%, as stated by Chancellor Rachel Reeves. However, the Office for Budget Responsibility has upgraded growth forecasts for subsequent years, with expectations of 1.9% growth in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029. Reeves highlighted the impact of planning reforms and housebuilding targets in increasing GDP, with inflation forecasted to reach 3.2% this year but falling back to the Bank of England’s 2% target by 2027.
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