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News Tag: Office of Budget Responsibility

September 7, 2011

Chancellor Osborne admits economy is weak

by Kay Mitchell
”Chancellor
At a speech at the insurers Lloyd's of London, Chancellor George Osborne has admitted that recent weak economic data had led to a downgrade in growth. Speaking at the dinner in London, the Chancellor said: "We warned repeatedly that the recovery would be choppy." However, despite the sluggish economic recovery, the Government is sticking with its deficit reduction plan. Some have suggested the harsh ...




March 21, 2011

Report reveals £8bn windfall for Government

by Kay Mitchell
”Report
A report by the Ernst & Young Item Club has suggested the Government could be in line for an £8 billion windfall this year due to a rebound in tax revenues and a cut in public spending. The Item Club is estimating public borrowing for the financial year to the end of March to be £140.2 billion - £8.3 billion lower than ...




November 29, 2010

OBR revises UK growth prospects

by Kay Mitchell
”OBR
The Office of Budget Responsibility (OBR), which was established in May, has today revised its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, has lifted its economic growth forecast from 1.2% to 1.8% - slightly higher than the 1.7% expected by economists. However, the OBR ...




OBR expected to revise UK growth, Osborne to give update

by Kay Mitchell
”OBR
The Office of Budget Responsibility (OBR), which was established in May, is today expected to revise its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, is expected to revise its growth forecast to 1.7% from the 1.2% predicted in ...




July 14, 2010

CIPD warns of jobs deficit amid spending cuts

by Kay Mitchell
”CIPD
The Chartered Institute of Personnel and Development (CIPD) has warned of higher unemployment if economic growth misses forecasts. According to the employment group, growth needs to be at least 2.5% between now and 2015, in order for the private sector to create sufficient jobs to offset those that would be lost as a result of massive Government spending ...




June 14, 2010

OBR downgrades UK growth as expected

by Kay Mitchell
”OBR
The newly-established Office of Budget Responsibility (OBR) has today slashed the UK’s growth prospects, as expected. According to the OBR, the UK economy will expand by 2.6% in 2011 - lower than ex-Chancellor Alistair Darling’s 2011 forecast of 3% – 3.5%. The OBR, which is led by former Treasury official Sir Alan Budd, predicts growth to be just 1.3% in 2010, before rising ...




CBI revises growth prospects for UK economy

by Kay Mitchell
”CBI
Releasing its latest economic forecasts today, the Confederation of British Industry (CBI) is forecasting that the economy will expand by 1.3% in 2010 - slightly higher than its forecast of 1% in March. The business group revised its growth forecast upwards due to a strong recovery in the manufacturing industry. However, it left its prediction for growth in 2011 unchanged at ...




OBR set to downgrade UK growth prospects

by Kay Mitchell
”OBR
The newly-established Office of Budget Responsibility (OBR) is scheduled to publish growth forecasts later and they are likely to be much lower than the previous Labour Government's predictions. According to economists, the OBR, which is led by former Treasury official Sir Alan Budd, is expected to say ex-Chancellor Alistair Darling's 2011 forecast of 3% - 3.5% was too ambitious. Jonathan Loynes ...