Belfast Telegraph

Chancellor George Osborne's squeeze lowers growth forecasts

Chancellor George Osborne's big squeeze in today's emergency Budget will hit UK growth this year and next, official forecasts revealed today.

The coalition Government's clampdown on spending and tax hikes has prompted the independent Office for Budget Responsibility (OBR) to lower growth forecasts.

The OBR last week forecast 1.3% and 2.6% growth for 2010 and 2011 in its initial pre-Budget estimates - but today the body predicted 1.2% growth for this year and 2.3% in 2011.

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