The Office for Budget Responsibility (OBR) has downgraded its growth forecasts for the economy and the public finances amid the Chancellor’s Autumn Statement speech.
Despite Osborne asserting early in his address to parliament that the British economy was “on the right track” he revealed the lower economic growth forecasts.
According to the OBR the new predictions show the economy will contract by 0.1% overall in 2012, suggesting another negative quarter of growth.
About Robert Lovell
Business and finance journalist