Business Advice for all UK firms from starting a business to flotation
UK growth forecast downgraded
The new independent fiscal watchdog has downgraded the economic growth projections for the UK economy.
The Office for Budget Responsibility (OBR) has predicted that the UK economy will grow by 2.6% in 2011, down from the 3.25% estimate in Labour’s last Budget.
The new coalition government are already committed to cutting the country’s record peace time deficit, but these new figures will add even greater emphasis.
The OBR says the structural deficit - the part of the deficit that is not automatically reduced by economic growth - will widen from Labour prediction of 7.3% of GDP in 2010-11 to 8%.
However, it also predicts that that the UK's public deficit will fall, down to 10.5% of GDP in the 2010-11 financial year, from the 11.1% estimated by Labour.
Chancellor George Osborne will outline spending cuts in greater detail when he unveils his emergency Budget on June 22nd.
Post Date: June 14th, 2010
The Office for Budget Responsibility (OBR) has predicted that the UK economy will grow by 2.6% in 2011, down from the 3.25% estimate in Labour’s last Budget.
The new coalition government are already committed to cutting the country’s record peace time deficit, but these new figures will add even greater emphasis.
The OBR says the structural deficit - the part of the deficit that is not automatically reduced by economic growth - will widen from Labour prediction of 7.3% of GDP in 2010-11 to 8%.
However, it also predicts that that the UK's public deficit will fall, down to 10.5% of GDP in the 2010-11 financial year, from the 11.1% estimated by Labour.
Chancellor George Osborne will outline spending cuts in greater detail when he unveils his emergency Budget on June 22nd.
»
- Login or register to post comments
- Printer friendly version
Post Date: June 14th, 2010
.
.
Accounting Advice | Banking & Finance | Business Continuity | Entrepreneurs | HR/Payroll Advice Insurance Advice | International Trade
Internet Advice I.T. Advice | Legal Advice | Marketing Advice | Office Management | Pensions & Benefits Property/Relocation | Recruitment Advice
Starting a Business | Telecommunications | Training/Education Travel Advice | Utilities Advice | Vehicles
copyright © 1998-2018 Newbusiness.
Homepage | Terms & Conditions | Copyright & Trademarks | Privacy Policy | Sitemail & Forum Policy | Sitemap