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Britain Is ‘Set To Miss Growth Targets’

Posted by Sara | Blogging | Friday 5 August 2011 11:25 pm
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George Osborne was dealt a fresh blow recently after the head of the government’s fiscal watchdog admitted that the official growth target for the year is likely to be missed.

Robert Chote, who chairs the independent Office for Budget Responsibility (OBR), said current growth could be ‘relatively weak’ in comments which will dampen the hopes of families across the country.

From Dailymail.co.uk:

Britain Is 'Set To Miss Growth Targets'The remarks will pile fresh pressure on the chancellor, who set the target for growth in his March budget.

Mr Chote said that there ‘aren’t many people’ expecting annual growth to reach the 1.7 per cent it anticipated in the spring.

GDP increased by a lacklustre 0.2 per cent in the second quarter of 2011 after consumers reined in spending as their pay failed to keep pace with the rising cost of living.

The National Institute of Economic and Social Research (NIESR) think-tank downgrade its growth forecast – dropping it from 1.4 per cent to 1.3 per cent.

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