Blog Post

Spring Statement: Key Takeaways

TomS - Head Tom Simper Mar 24, 2022, 15:20 PM
251_Dataloft_inform_Insight

The Chancellor warned that the global economic outlook is 'challenging' in his Spring Statement. The OBR has lowered its economic growth forecast to 3.8% this year, down from the 6% forecast in October.

Property price growth is expected to outperform economic growth this year, averaging 7.4% over 2022, before slowing to 1.3% in 2023. No price falls are predicted over the next five years.

Wage growth is forecast to be in the region of 5.2% in 2022, higher than average. However, inflation is expected to average 7.4% and not return to below 2% until 2024.

Measures taken to tackle rising costs include: a 12-month cut in fuel duty, an increased National Insurance threshold and 0% VAT on energy-efficient equipment. Source: Dataloft, UK Government, Office for Budget Responsibility (OBR)

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"Anne Marie has been absolutely amazing with helping us move into our new property"

- Charlotte

"Anne-Marie was the best estate agent ever and I'd be lost without her. 🙂"

- Kurt

"I would highly recommend to both tenants and landlords."

- Accordioni

"Anne is very helpful, professional and made my process very easy and straightforward"

- Gideon

"He's a credit to your company."

- Michael

"Jamie and his team were professional."

- Sabeen

"I have no hesitation to recommend Peter Anthony."

- Joe

"Everything went as smoothly as we could have hoped for."

- Pearl & Luke