Fiscal statement released, pound volatility limited as market focus shifts to official growth forecasts

Golden Ten Data reported on March 3 that after UK Chancellor Reeves announced no further adjustments to fiscal policy in the Spring Statement, the pound remained flat, and market focus shifted to the Office for Budget Responsibility's updated economic and fiscal forecasts. It is expected that the real GDP growth rate will slow to 1.1% this year, then rise to 1.6% in 2027 and 2028, and remain at 1.5% in both 2029 and 2030. The inflation rate is expected to fall to 2.3% this year and reach the Bank of England's 2.0% target from 2027 onwards. However, the Office for Budget Responsibility pointed out that its forecasts face "significant risks" due to the Middle East conflict.