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.
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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