The Budget will boost growth but restrict business investment and contribute to higher unemployment, according to new forecasts from the British Chambers of Commerce (BCC).

The business group projected that growth will pick up to 1.3 per cent in 2025, rising to 1.5 per cent the year after. These were both upgrades on its previous estimates of 1.0 per cent and 1.1 per cent.

The BCC said the upgrades were driven by “increased levels of government spending” following the Budget.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.