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Agency Raises British 2010 Forecast
Source: Agencies |
November 30, 2010, Tuesday
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Print Edition
Print Edition
THE independent body set up by the British government to make economic forecasts has raised its forecast for domestic economic growth this year to 1.8 percent from 1.2 percent.
But Britain's Office for Budget Responsibility also lowered its expectation for gross domestic product growth next year to 2.1 percent from 2.3 percent and for 2012 to 2.6 percent from 2.8 percent in yesterday's outlook.
In good news, the forecasting agency slashed its projection for public sector job cuts over the next four years to 330,000 from 490,000. The Office for Budget Responsibility was created by the new coalition government in May to make an independent assessment of the public finances. Under the previous Labour government, economic forecasts were made in-house at the Treasury.
But Britain's Office for Budget Responsibility also lowered its expectation for gross domestic product growth next year to 2.1 percent from 2.3 percent and for 2012 to 2.6 percent from 2.8 percent in yesterday's outlook.
In good news, the forecasting agency slashed its projection for public sector job cuts over the next four years to 330,000 from 490,000. The Office for Budget Responsibility was created by the new coalition government in May to make an independent assessment of the public finances. Under the previous Labour government, economic forecasts were made in-house at the Treasury.
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