UK targeting medium term growth of 2.5% - finance minister

FILE PHOTO: Workers pass by a sales person as they walk towards the City of London financial district, during the morning rush hour in London, Britain, September 8, 2021. REUTERS/Toby Melville/File Photo/File Photo

LONDON, Sept 23 (Reuters) - British finance minister Kwasi Kwarteng said on Friday he was targeting economic growth of 2.5% over the medium term.

"We need a new approach for a new era, focused on growth. Our aim over the medium term is to reach a trend rate of growth of 2.5%," he said during a fiscal statement to parliament.

The fiscal statement was not accompanied by independent growth forecasts. read more

In March, the Office for Budget Responsibility forecast growth of 3.8% for 2022 and 1.8% for 2023, while the latest Bank of England forecasts suggest the economy is already in a recession.

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

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