UK economic growth downgraded to 1% in 2027, Healey says in first budget

LONDON, Oct 28 (Reuters) - Britain's economy is forecast to grow by 1% next year, finance minister John Healey said on Wednesday, citing the latest projections from the Office for Budget Responsibility.

The new figure compared with a growth forecast for 2027 of 1.6% in the OBR's previous outlook published in March and prepared before the start of the Iran war.

The OBR expects economic output to expand by 1.6% in 2028, 1.8% in 2029, 1.7% in 2030 and 1.6% in 2031, Healey said as he gave his first budget statement speech to parliament.

Those projections compared with the budget watchdog's previous expectations for growth of 1.6% in 2028 and 1.5% in 2029 and in 2030. 

Growth in 2026 was upgraded slightly to 1.2%, up from the previous forecast of 1.1%.

(Reporting by David Milliken and Andy Bruce; writing by Suban Abdulla;)