Official forecasts for next year point to growth of 5.5 percent, UK Chancellor Rishi Sunak said during a speech in Parliament.

On the government deficit, Sunak said that the forecast was for an increase to £394 billion this fiscal year, equivalent to 19 percent of GDP, due to unprecedented efforts to support employment in the face of the pandemic shock, Sunak said in presenting a comprehensive spending plan.

In particular, public services will receive a total of £55 billion next year, Sunak said.