UK's Hammond: OBR cuts 2019 GDP growth forecast to 1.2% from 1.6% in October

While delivering his budget spring statement, British finance minister Philip Hammond noted that the Office for Budget Responsibility (OBR) has cut its 2019 growth forecast to 1.2% from 1.6% announced in the fall budget statement in October. 

Key quotes (via Reuters)

• OBR forecasts show 2020 GDP growth of 1.4% (oct: 1.4%).
• OBR forecasts show 2021 GDP growth of 1.6% (Oct: 1.4%).
• OBR forecasts show 2022 GDP growth of 1.6% (Oct: 1.5%).
• OBR forecasts show 2023 GDP growth of 1.6% (Oct: 1.6%).
• Asuming Brexit deal is agreed, I intend to launch full 3-year spending review before summer recess.
• Spending review will set budgets beyond national health service.
• Provided we reach Brexit deal with orderly transition, UK will have genuine and sustainable choices about its future.
• Last night's vote leaves cloud of uncertainty hanging over economy.
• The economy itself is remarkably robust.