BUDGET 2002: Economy to grow by 2.5%

The UK economy will grow by between two and 2.5 per cent in 2002, Gordon Brown said in his Budget speech today.

Announcing growth last year of 2.2 per cent, ahead of many of the UK’s international competitors, Brown said that growth would be greater over the next 12 months.

Growth is forecast to be between three and 3.5 per cent in 2003, and between 2.5 and three per cent in 2004.

The Chancellor added that he had told Bank of England governor Eddie George that he would maintain an inflation target of 2.5 per cent and keep a fiscal platform that was “pro-stability and pro-growth”.

“Nothing in the Budget will undermine that platform of stability,” he said.

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