Mortgage News
Chancellor raises UK GDP forecasts
The UK’s surprise economic recovery looks on course to continue as Chancellor George Osborne raised his forecast for UK growth over the next few years, based on figures from the Office of Budget Responsibility (OBR).
Delivering the Autumn Statement, Osborne raised GDP expectations for 2013 to 1.4%, well above the 0.6% predicted by the Office of Budget Responsibility 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 2017’s 2.8% forecast was cut to 2.7%
Osborne said the UK was seeking a “responsible recovery” but said much more needed to be done.
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“Britain’s economic plan is working but the job is not done,” he said.
“We will secure the economy for the long term.”