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The economy and headline figures

The 2021 Autumn Budget took place on 27 October 2021. Chancellor Rishi Sunak adopted an upbeat and optimistic tone, pledging over £150 billion in additional spending by the end of the current Parliament – crediting the ability to do so to a “better than expected post-pandemic recovery”.

Among the usual headline-grabbing figures, highlights include the announcement that annual growth (measured by GDP) is expected to grow 6.5% this year, with a further 6% forecast for 2022.

Annual borrowing as a percentage of GDP is expected to fall by more than initially anticipated – from 7.9% this year to 3.3% next year, before falling to 1.5 after a further four years. This contrasts with a published peak of 16.9% during the COVID-19 pandemic.

The Chancellor also pledged to return foreign aid to 0.7% of GDP for the 2024/25 year.

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