Autumn Statement 2011 UK Growth Downgrade
Published / Last Updated on 29/11/2011
Autumn Statement 2011 - UK Growth Downgrade.
The Office for Budget Responsibility has unsurprisingly downgraded UK growth projections over the coming years from forecasts given by the Chancellor earlier this year.
Revised Forecasts
- 2011 – 0.9%
- 2012 – 0.7%
- 2013 – 2.1%
- 2014 – 2.7%
- 2015 – 3.0%
These figures are down from George Osbornes projections in March this year.
Given the expected recession in Europe and therefore reduced demand for UK goods and services in Europe, these figures are not a surprise.
As a result, Government borrowing will also increase applying more pressure on the UK to make further austerity measures.