BUDGET 2015: The Office for Budget Responsibility has revised up its forecasts for Britain’s economic growth the chancellor George Osborne has announced in his Budget speech.
The independent body has forecast that UK GDP will grow by 2.5% this year, revising up the 2.3% it predicted in March 2014 and outperforming the autumn 2014 upwards revision to 2.4%.
The OBR has also revised up its growth forecasts for subsequent years which now stand at:
2015: 2.5%
2016: 2.3%
2017: 2.3%
2018: 2.3%
2019: 2.4%
The upwards revisions come despite the OBR forecasting that growth would be weaker globally and particularly in Europe.
Osborne said the effect of falling oil prices had hampered global growth in the short term, with the anticipated upsurge in consumer spending not yet offsetting the increased global uncertainty.
The OBR revealed new data highlighting that employment has not fallen to 5.3%.
It has also confirmed that the UK trade deficit is now at its lowest level for 15 years.
