BusinessCompany NewsBudget 2003: Brown forced into growth restatement

Budget 2003: Brown forced into growth restatement

The chancellor has once again restated his growth figures for 2002 and his estimates for 2003, drawing strong criticism from the Conservative Party.

Link: Budget special

The UK economy grew by a mere 1.8% in 2002, Brown said. Estimates for 2003 now stand at 2% – 2.5%, reduced from his estimate of 2.5% – 3% listed in November during the pre-Budget speech.

It is another embarrassing climbdown for the chancellor, and his second economic growth restatement in a matter of months.

This was immediately latched on by the Tories. who slammed the chancellor for downgrading GDP forecasts and for concealing more than he revealed.

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