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.
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.
No comments yet.
Sorry, the comment form is closed at this time.