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Budget 2014: OBR revises growth forecasts up to 2.7% for 2014

The Office for Budget Responsibility has revised its growth forecasts upwards from 1.8 per cent to 2.7 per cent for 2014.

Delivering his Budget address today, chancellor George Osborne said the updated forecasts represented the biggest upward revision to growth for 30 years.

The OBR now forecasts that growth will fall to 2.3 per cent for 2015, before increasing to 2.6 per cent in 2016 and 2017, and 2.5 per cent in 2018.

Osborne says: “This is a Budget for building a resilient economy” with “support for savers at the centre of this Budget.”

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