Re: No More Arguments: Austerity is Working! : Wed Mar 19, 2014 8:46 pm
Lord Elpers wrote:George Osborne presented further evidence today that his policies are continuing to work with world leading growth predictions
Chris28 wrote:
Possibly the most ludicrous sentence I've ever read. If you're trying to prove a point, epic fail.
Britain's growth forecast has been upgraded by the biggest margin in more than a quarter of a century.
The Office for Budget Responsibility (OBR) - the Government's independent fiscal watchdog - revised up its forecasts for UK growth in 2014 to 2.7pc, from a December prediction of 2.4pc. Growth in 2015 was also upgraded to 2.3pc, from 2.2pc. At last year's Budget, the OBR predicted the UK would grow by just 1.8pc in 2014.
"That’s the biggest upward revision to growth between Budgets for at least 30 years," said Mr Osborne.
"That’s because we’re now growing faster than Germany, faster than Japan, faster than the US – in fact there is no major advanced economy in the world growing faster than Britain today," he told MPs on Wednesday. The UK economy is currently 1.4pc smaller than it was at the beginning of 2008.