Osborne delivers bleak economic forecast | AccountingWEB

Osborne delivers bleak economic forecast

The Chancellor was forced to admit in his fourth Budget that the economy will grow by just 0.6% this year - half the 1.2% estimated at the time of the autumn statement in December.

The Office for Budget Responsibility (OBR) also revised down 2014 growth from 2% to 1.8%, however for later years the forecasts were unchanged, back up to 2.3% in 2015 and 2.7% in 2016.

In addition to slashing immediate growth forecasts, the OBR said borrowing would be higher in every year than it predicted three months ago.

Labour leader Ed Miliband jumped on the growth figures...

Budget 2013 coverage - sponsored by TaxCalc
Sign up for Rebecca Benneyworth's detailed analysis explaining how key meaures will affect ordinary businesses.


» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.