Budget 2013: OBR halves UK growth forecast for 2013

clock

The UK economy will post growth of 0.6% this year, according to the Office for Budget Responsibility (OBR), a downward revision from its December forecast.

Presenting the Budget 2013, Chancellor George Osborne said the OBR has halved its forecast from the 1.2% it previously expected.  The figure is much lower than consensus, which was for a 0.9% expansion. The OBR also revised down its forecast for growth in 2014, after a poor year for the economy in 2012 when it just managed to post slight positive growth. The body expects to see 1.8% growth for 2014, down from 2% forecast in December. This compares to a consensus forecast of 1.6% growth. Osborne also said the economy is likely to avoid a second quarter of negative growth. The Cha...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Trustpilot