UK forecasts show 4% GDP expansion in 2021

FILE PHOTO: A person walks past a closed shopfront on Oxford Street, as official figures are published for UK GDP in 2020, London, Britain, February 12, 2021. REUTERS/Toby Melville

LONDON (Reuters) - Britain’s economy is forecast to grow 4% in 2021, finance minister Rishi Sunak said on Wednesday, citing the latest projections from the Office for Budgetary Responsibility (OBR) during his budget statement.

Wednesday’s forecasts were lower than those produced in November, when the OBR had forecast a 5.5% rebound for 2021.

Looking further ahead, the OBR forecast gross domestic product would grow 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth of 6.6%, 2.3% and 1.7%.

Reporting by David Milliken, writing by William James, editing by Elizabeth Piper