Chancellor George Osborne today lowered the UK's economic growth forecast for the next five years.
Unveiling what he called an "unavoidable" Budget, Osborne said economic growth this year would be 1.2%, in line with Darling's forecasts in March of between 1% and 1.25%. But, in 2011, Osborne said growth would be 2.3%, much lower than Darling's estimate of between 3% and 3.5%. After that, GDP growth will be 2.8% in 2012, 2.9% in 2013 and 2.7% in both 2014 and 2015. Elsewhere, Osborne said the UK is set to miss the previous government's "golden rule" - of borrowing only to invest over the economic cycle - in the current cycle by £485bn. Consumer price inflation is expected to re...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes