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UK economy to grow 1.2 percent in 2026

Finance minister John Healey announced the UK economy is set to grow 1.2 percent this year while slashing the 2027 forecast. The budget includes targeted tax hikes and cost of living support.

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Britain's Chancellor of the Exchequer, John Healey, leaves No 11 Downing Street carrying the traditional red ministerial box, before departing to the House of Commons to deliver the first budget under Prime Minister Andy Burnham's government, in London, Britain, October 28, 2026. REUTERS/Dylan Martinez/Pool

The United Kingdom's economy will expand 1.2% this year before slowing to 1.0% in 2027, finance minister John Healey said in his budget address on Wednesday afternoon.