Osborne delivers bleak economic forecast

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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...

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Robert Lovell
Managing Editor
AccountingWEB.co.uk
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