Share However, the OBR said Sunak’s spending boost would push up GDP growth to 1.8 per cent in 2021, above the 1.6 per cent it had originally predicted. UK budget watchdog: Rishi Sunak’s spending spree biggest since 1992 whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDefinitionThe Funniest Yard Signs EVER WrittenDefinitionUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndo The UK’s budget watchdog has called chancellor Rishi Sunak’s spending announcements the “largest budget giveaway since 1992” which will add more than £100bn to the public debt by 2024. Yet she said it represented the Conservative government turning against any commitment to reducing public debt. (AFP via Getty Images) Also Read: UK budget watchdog: Rishi Sunak’s spending spree biggest since 1992 The Office for Budget Responsibility (OBR) said the spending would take government borrowing to a six-year high of £66.7bn in 2021-22. Among the key measures were a freeze on business rates payments for small firms for a year, and £3,000 grants for businesses that do not pay rates, costing the government roughly £3bn. (AFP via Getty Images) Also Read: UK budget watchdog: Rishi Sunak’s spending spree biggest since 1992 (AFP via Getty Images) Wednesday 11 March 2020 2:23 pm “The resulting deterioration in the UK’s fiscal position highlights the sovereign’s ongoing difficulty in meaningfully reducing the UK’s gross general government debt burden from its current high levels,” she said. Sarah Carlson, senior vice president at ratings agency Moody’s, said the fiscal stimulus “should help to support economic growth given the economic headwinds created by Covid-19”. whatsapp The watchdog said UK GDP growth would fall to 1.1 per cent in 2020 from a prediction of 1.4 per cent growth a year ago. The OBR’s forecasts were prepared between 18 and 25 February. Show Comments ▼ The dramatic spending increase came four years after then-chancellor George Osborne said the Tories would by this year turn the deficit into a surplus. Harry Robertson In the government’s first Budget since the Conservatives’ landslide election victory in December, chancellor Rishi Sunak announced a £30bn stimulus package to support the economy through the coronavirus outbreak and put the final nail in austerity’s coffin. The OBR said that compared to its previous estimates, Sunak’s spending spree will increase the budget deficit by 0.9 per cent of GDP on average over the next five years and add £125 billion to the public debt by 2024-25.