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UK economic growth forecasts revised down by OBR
The government is contemplating a tougher year ahead after the independent Office for Budget Responsibility (OBR) revised down the prospects for the UK economy. Contraction in 2012 will be -0.1%, the OBR predicted, down from the 0.8% growth predicted at the last budget in March. The OBR forecasts growth next year will be 1.2% – down from the previous prediction of 2%. The forecast for 2014 puts the UK's growth at 2%, from the previous 2.7% figure. Growth is forecast to rise to 2.8% by 2017. The chancellor has struggled to maintain a steady course after a year of stop-go economic figures that has seen the UK suffer ... (full story)
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