Sunak says UK is set for best economic growth since 1973

Chancellor of the Exchequer Rishi Sunak said the U.K. is on course to post the fastest growth rate since 1973 this year as he started delivering a budget he said will help the nation bounce back from the pandemic.

Britain’s economy, which contracted almost 10% last year, is set to grow 6.5% in 2021, according to a forecast from the independent Office for Budget Responsibility. That’s compared with a previous prediction of 4%, and marks the biggest upgrade since at least the 1980s. 

With an eye on the next election that’s still years away and concerns that fanning the economy now would lift inflation and interest rates, the chancellor is likely to hold off on a big dose of largess for now.