OBR caps UK growth forecast at 1.2% but says five-year outlook bright

Forecaster’s mid-term outlook buoyed by £50bn in tax
increases, despite low growth and falling house prices in 2019

Britain’s economy will struggle to grow by more than 1.2% this
year as Brexit uncertainty hits business investment and sends house
prices into reverse for the first time since the 2008 financial
crash,
the Office for Budget Responsibility has warned
.

The Treasury’s independent forecaster has cut its estimate of
economic growth for 2019 from 1.6%, made only last October. It is
also predicting a slide in house prices later this year, which will
cut stamp duty tax receipts by £3bn. Brexit uncertainty and
changes to the way corporation tax is paid, it said, will also
knock a £2bn hole in tax payments made by companies.

Source: FS – All-News2-Economy
OBR caps UK growth forecast at 1.2% but says five-year outlook bright