The United Kingdom lowered its growth forecast for 2022 to 3.8% on Wednesday, compared to a previous estimate of 6%, due to the impact of inflation and the war on Ukraine, Finance Minister Rishi Sunak reported Wednesday.
“It is too early to know the full impact of the war in Ukraine in the United Kingdom,” but according to the first estimates “adding to high global inflation,” the state economic forecast agency OBR “now forecasts growth of 3.8% this year,” he acknowledged in his “spring budget speech” to Parliament.
This forecast represents a sharp slowdown compared to the 7.5% rebound of the British economy in 2021, the largest in the G7 countries, after the historic contraction of 9.4% the previous year due to the pandemic.
With inflation soaring, reaching 6.2% in February, Sunak also announced a series of measures to help the most disadvantaged households.
These include a reduction of 5 pence per liter in fuel taxes, an increase in the income tax exempt bracket and an increase in a fund to help modest households.
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