Following a strong start to 2014, Osborne can be more confident that the economic recovery has become self-sustaining. The Office for Budget Responsibility’s economic growth forecasts show the UK economy is growing faster than any other developed nation, as Government borrowing continues to fall as a percentage of GDP. However, the medium-term looks less certain and forecasts still predict that the structural deficit will not be eliminated until 2018/19. On the basis of these figures however, we can expect Osborne to continue to claim credit for growth while cautioning that there can be no end to austerity.
[raw]Budget 2014
