Chancellor George Osborne has today announced that the OBR has revised down UK growth forecasts to 0.6 per cent in 2013. A forecast of 2.9 per cent had been predicted for 2013 in 2010.
Delivering the Budget for 2013, Osborne said: “The OBR has today sharply revised down their future growth forecast for the eurozone, and expect it will remain in recession throughout this year."
However, the OBR expects the UK growth forecast to be to 1.8% in 2014 and 2.3% in 2015, Osborne added that growth is expected to be 2.7% in 2016 and 2.8% in 2017.
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