UK's Sunak: OBR lowers 2020 GDP growth forecast to 1.1% from 1.4%

The UK's Office for Budget Responsibility (OBR) has lowered the GDP growth forecast for 2020 to 1.1% from the 1.4% reported in March 2019 budget report, British Chancellor of the Exchequer, Rishi Sunak, said on Wednesday.

The OBR lowered the 2021 GDP growth forecast to 1.8% from 1.6% and the 2022 forecast to 1.5% from 1.6%, Sunak further added.

Additional takeaways

"OBR forecasts show 2019/20 budget deficit of 2.1% of GDP (restated March 2019 forecast 2.2% of GDP)."

"OBR forecasts show 2020/21 budget deficit of 2.4% of GDP (restated March 2019 forecast 1.8% of GDP)."

"OBR forecasts show 2021/22 budget deficit of 2.8% of GDP (restated March 2019 forecast 1.6% of GDP)."