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Financial News: UK Likely To Miss Govt Growth Target: NIESR

UK Likely To Miss Govt Growth Target: NIESR

02/06/2020 - 01:50:00 (RTTNews)

(RTTNews) - The National Institute of Economic and Social Research said the UK economy is likely to grow below the target set by the government.

The think tank said the Chancellor's aim of raising economic growth to around 2.75 percent a year is unlikely to be attained in the current global economic context.

According to NIER, the economy will grow around 1.5 percent in 2020 and next year. And the inflation is set to remain a little below the Bank of England's 2 percent target this year.

Although the decisive general election result has reduced political uncertainty, elevated economic uncertainty is likely to persist until the details of the UK's future trade relationship with the EU are settled.

The March Budget is expected to be focused on 'levelling up' income levels. However, additional public investment of up to around GBP 20 billion per year is unlikely to have more than a moderate impact on productivity and is unlikely to offset the negative effect of Brexit, the think tank noted.

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