Economic forecasts downgraded ahead of Budget

The Office for Budget Responsibility, the new independent watchdog for the UK's public finances, has slashed official growth forecasts for next year, teeing up an even tougher emergency budget next week.

The OBR is forecasting growth of 2.6% in 2011, below the 3.25% predicted in March's Budget. It predicts borrowing of £155bn in the current financial year - below the £163bn forecast in the Budget - with total net borrowing over the next five years £23bn lower than expected in March.

Continued...

» 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.