Budget 2014: OBR raises UK growth forecast

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The Office for Budget Responsibility (OBR) has raised its forecast for UK economic growth this year as the recovery continues to gather pace.

The OBR is forecasting growth of 2.7% this year, an increase on the 2.4% expansion it predicted in December. This is the largest upwards revision between Budgets for 30 years, the Chancellor said, Growth for 2015 is expected to come in at 2.3%, up from the 2.2% previously forecast, and 2.6% for 2016-2017, before returning to its long-term trend level of 2.5% in 2018. "We are putting Britain right, but the job is far from done," George Osborne said as he delivered what he called a "Budget for building a resilient economy". He added the UK economy will be £16bn larger than was predic...

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