UK Economy Set for 2.0% Growth Boost in 2024

Britain's economy is expected to grow by 2.0% in 2024, according to the latest forecasts from the Office for Budget Responsibility. Finance Minister Rachel Reeves announced these projections, marking an upgrade from previous forecasts. A new 'Charter for Budget Responsibility' will assess Labour's policies' long-term impacts.

The UK economy is anticipated to witness a growth spurt of 2.0% next year, Finance Minister Rachel Reeves revealed on Wednesday, citing fresh projections by the Office for Budget Responsibility (OBR).

This optimistic forecast contrasts with the former Conservative government's predictions, which projected a 1.9% growth in 2025. Considering the revised figures, economic output is expected to rise by 1.8% in 2026 and 1.5% in 2027.

Furthermore, an amendment has been made for 2024's growth, which has been adjusted to 1.1%, an increase from the previous 0.8%. In response, Reeves announced plans to release a new 'Charter for Budget Responsibility' to evaluate the growth effects of Labour's strategies over the next ten years.

(With inputs from agencies.)