John Redwood: OBR lowers 2026 UK GDP growth forecast after Labour tax rises

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30.05.2026

John Redwood: OBR lowers 2026 UK GDP growth forecast after Labour tax rises — OBR cuts UK GDP growth outlook

John Redwood highlights changes in the Office for Budget Responsibility (OBR) forecasts for the United Kingdom. According to Redwood, the OBR previously projected 2% UK GDP growth, a 4.2% unemployment rate, and 1.9% inflation for 2026 as the Conservative government left office.

He states that after recent tax increases implemented by the Labour government, the OBR has revised its forecasts, now expecting just 1.1% UK GDP growth, a higher unemployment rate at 5.3%, and inflation rising to 2.3% in 2026.

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Redwood has previously criticized the Bank of England’s inflation forecasts, arguing that effective money supply management is crucial for accuracy in projections. He has also urged the UK prime minister to avoid repeating the financial missteps he attributes to Gordon Brown, including gold sales and policy decisions relating to the EU. For more detail, see his comments on Bank of England inflation forecasts and his critique of prior government strategies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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