The Chancellor George Osborne said the "great recession" seen after the global financial crisis in 2008 had an even more detrimental impact on the UK economy than previously forecasted.
The Chancellor said in total, rather than the 6.3% decline seen across the economy following the fallout from the financial crisis, GDP had actually declined by 7.2%. However, he re-affirmed there was no "double-dip" recession. Delivering the Autumn Statement, Osborne raised GDP expectations for 2013 to 1.4%, well above the 0.6% predicted by the OBR in March. Looking further ahead, he also raised GDP forecasts for 2014 from 1.8% to 2.4%. However, 2015's forecast was revised down from 2.3% to 2.2%. Further out, he said 2016's 2.7% annual growth had been revised to 2.6%, while ...
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