GDP growth forecasts revised down until 2020
The Office for Budget Responsiblity has revised down economic growth expectations each year until 2020.
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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