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UK’s Reeves announces budget plans to parliament

British Chancellor Rachel Reeves announced her budget plans to parliament on Wednesday, seeking to shore up public services and plug a funding gap, without damaging a promise to promote growth and investment.

Below are quotes on the key issues:

REEVES ON INFLATION FORECASTS

“The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak above 11 per cent. Today, the OBR (Office for Budget Responsibility) say CPI inflation will average 2.5 per cent this year, 2.6 per cent in 2025, then 2.3 per cent in 2026, 2.1 per cent in 2027, 2.1 per cent in 2028 and 2.0 per cent in 2029.”

REEVES ON GROWTH FORECASTS

“The OBR forecast that real GDP growth will be 1.1 per cent in 2024, 2.0 per cent in 2025, 1.8 per cent in 2026, 1.5 per cent in 2027, 1.5 per cent in 2028 and 1.6 per cent in 2029. And the OBR are clear: this budget will permanently increase the supply capacity of the economy, boosting long-term growth.”

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