LONDON (Sputnik) — The United Kingdom's Chancellor of the Exchequer, Philip Hammond, revised upward GDP growth for this year to 2.1 percent and downgraded expectations to 1.4 percent in 2017.
Hammond voiced the Office for Budget Responsibility (OBR) forecasts in his Autumn Statement on Wednesday.
In March, Hammond's predecessor George Osborne downgraded 2016 GDP forecasts from 2.4 percent to 2 percent. Osborne also downgraded GDP growth forecasts for next year from 2.5 percent to 2.2 percent.