Spring Statement: Rachel Reeves "OBR upgrades forecast for this year and forthcoming years"

Transcript

00:00This Labour government is taking the right decisions now to secure Britain's future.

00:05And today I can confirm to the House that the OBR have upgraded their growth forecast

00:11next year and every single year thereafter.

00:16With GDP growth of 1.9% in 2026,

00:29of 1.8% in 2027, 1.7% in 2028 and 1.8% in 2029.

00:38Mr Speaker, by the end of the forecast our economy is larger compared to the OBR's forecast at the time of the budget.

00:47That is the difference that this Labour government is making.

00:53But Mr Speaker, this isn't just about lines on a graph.

00:57It's about improving people's lives.

01:00Working people are still feeling the pinch after a cost of living crisis caused by the party opposite

01:06that caused interest rates and inflation to go through the roof.

01:11So I am pleased that the OBR confirmed today

01:15that real household disposable income will now grow this year at almost twice the rate expected in the autumn.

01:24Compared to the forecast in the final budget delivered by the party opposite

01:29and after taking into account inflation, the OBR say today

01:34that people will be on average over £500 a year better off under this Labour government.

01:44That will mean more money in the pockets of working people,

01:49higher living standards promised by this Labour government,

01:53delivered by this Labour government, opposed by the party's opposite.