Spring statement 2026 at a glance

Here is a summary of the new economic forecasts published by the Office for Budget Responsibility (OBR) to accompany the Chancellor's spring statement.

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GDP: The UK economy is forecast to grow by 1.1% in 2026, lower than the previous forecast of 1.4% made by the OBR in November last year.

Economic growth as measured by GDP (gross domestic product) is then forecast to be 1.6% in 2027, higher than the previous forecast of 1.5%; 1.6% again in 2028, up from 1.5%; and 1.5% in both 2029 and 2030, unchanged from previous forecasts.

Inflation: Inflation in the UK as measured by the Consumer Prices Index is forecast to be 2.3% in 2026, lower than the OBR’s previous forecast of 2.5%.

It is then set to be in 2.0% in 2027, the same as previously forecast, and remains at 2.0% in 2028, 2029 and 2030, unchanged from previous forecasts.