UK growth expected to peak next year and then slow again

How much the economy grows is a key factor limiting what the government can do during the parliamentary process.

If growth is strong, tax revenues are likely to increase. That means more money has to be spent on public services, tax cuts or paying interest on government borrowings. If growth is weak, governments will likely have to cut back on what they want to do.

Reeves said there could be no return to austerity, but difficult decisions would still be made.

But she said the OBR believed Labour's plans would have a positive impact on the “economy's capacity to supply” or its ability to grow.

The government makes policy plans based on OBR forecasts. But economic forecasting is not an exact science.

Forecasts may be influenced by a wide range of factors, including geopolitical risks, global energy prices and other large-scale economic conditions around the world. Small changes in these factors can impact the UK’s growth path.

Reeves said he would stimulate $70 billion of investment in the UK through a new sovereign wealth fund and change planning rules to help build Britain.

She said she would work with local mayors, as well as the devolved governments in Wales, Scotland and Northern Ireland, to strengthen local and regional growth plans.

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