GDP growth forecasts revised down until 2020
The Office for Budget Responsiblity has revised down economic growth expectations each year until 2020.
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In today's Budget, George Osborne confirmed that the OBR has revised down UK growth since its November forecast.
The OBR has estimated GDP growth of 2.2% in 2015, and expects GDP to grow by 2% in 2016, 2.2% in 2017, and 2.1% for the next three years after that.
The OBR has also forecast lower inflation, at 0.7% this year (down from 1% expected in November) and 1.6% next year.
However Osborne said he has confirmed in a letter to the Governor of the Bank of England that the remit for the Monetary Policy Committee remains the symmetric CPI inflation target of 2%.
He added that "in these turbulent times, the latest international forecast expects Britain to grow faster this year than any other major advanced economy in the world".
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