Osborne cuts forecast for UK GDP growth to 0.6% in 2013
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Britain's finance minister George Osborne holds up his budget case for the cameras as he stands outside 11 Downing Street, before delivering his budget to the House of Commons, in central London on Wednesday, March 20, 2013. Britain's economy will grow less this year and in the next than official forecasts showed in December, Mr Osborne said in his budget statement on Wednesday. -- PHOTO: REUTERS
LONDON (Reuters) - Britain's economy will grow less this year and in the next than official forecasts showed in December, finance minister George Osborne said in his budget statement on Wednesday.
The independent Office for Budget Responsibility (OBR) now expects the economy to expand by 0.6 per cent in 2013 and 1.8 per cent in 2014, Mr Osborne said.
The OBR then expects the recovery to pick up to 2.3 per cent in 2015, as forecast in December.
In December, the budget watchdog cut its forecast for economic growth in 2013 to 1.2 per cent and predicted an expansion of 2 per cent next year.
