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Chancellor&#39s growth forecast too confident, says Insight

Chancellor Gordon Brown&#39s forecast that economic growth will be between 3 per cent and 3.5 per cent for both 2004 and 2005 is too confident and could impact the UK borrowing requirement, according to Insight Investment.

Insight says economic growth for 2004 is only likely to approach 2 per cent, which means that, if there is a substantial shortfall from the Chancellor&#39s prediction, then taxes will have to be raised or borrowing increased. But although the fund manager believe the Chancellor&#39s forecast is, at first glance, a risky assumption, it points out his past record is quite strong in this area.

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