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Spring statement 2025: Graphs reveal economic impact of Rachel Reeves' plans

GDP and productivity are not likely to grow at the pace that ministers had hoped



The Office for Budget Responsibility halved its 2025 UK GDP growth forecast from 2% to 1%. Rachel Reeves attributed this to "increased global uncertainty" stemming from factors like the Ukraine war, unstable trading patterns, and rising borrowing costs. She acknowledged the economic and political cost of this uncertainty and expressed dissatisfaction with the growth forecast.

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