PBR: Growth forecast unchanged
Chancellor Gordon Brown says the government is maintaining economic growth rates for Britain, despite beliefs that a drop in growth in the third quarter would prompt a reduction in the forecast.
In his pre-budget report, Brown said British growth had been expected to be between 2.25% and 2.75% based on public finance projections of 2.25%.
He said: ‘I can tell the house that our expected growth figure is exactly that, two and a quarter per cent.’
Next year’s growth target was forecasted at between 2% and 2.5%, while the rate for 2003 was predicted to fall between 2.75% and 3.25%.