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Budget 2014: OBR raises GDP forecast to 2.7%

Budget 2014: OBR raises GDP forecast to 2.7%

The Office for Budget Responsibility has revised up its forecast for 2014 GDP growth to 2.7%, which chancellor George Osborne called the biggest inter-Budget upward revision in 'over 30 years'.

At the 2013 Budget, the OBR had predicted 1.8% growth in 2014, but it revised this up to 2.4% at the Autumn Statement in December and up to 2.7% today.

The OBR also confirmed 2013 GDP growth of 1.8%, three times the 0.6% it predicted at the last Budget. 

It expects 2015 growth to weigh in at 2.3%, rising to 2.6% in 2016/17, before falling back to the long-term average of 2.5% the following year. 

'The economy is continuing to recover and faster than forecast,' Osborne said. 'We set out our plans and together with the British people we held our nerve...but the job is far from done. We still don't invest enough, export enough or save enough.

'This is a long-term economic plan delivering economic security for the country.' 

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