Autumn Statement 2014
In March, George Osborne presented his Budget against a background of an economy that was recovering strongly. Nine months on, the Office for Budget Responsibility (OBR) has further increased its forecasts for growth in 2014 (to 3%) and 2015 (to 2.4%). However, from 2016 onwards the OBR’s growth forecasts have been cut, reflecting expectations of weak UK productivity growth, a subdued global trade environment and scheduled real terms cuts in government expenditure.
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