Budget 2014: OBR raises UK growth forecast

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...