|Britain’s predicts improved growth outlook, but public coffers strained
Britain raised its economic growth forecasts as the recovery gathers pace, finance minister George Osborne said in a key budget update.
But he also cautioned that public coffers remain strained and that the country will have to wait longer to see the end of austerity.
Gross domestic product is expected to grow by 1.4 percent in 2013 and by 2.4 percent in 2014, Osborne revealed in his autumn statement to parliament.
That compared with prior forecasts, given in March, for expansion of 0.6 percent and 1.8 percent respectively.
“Britain's economic plan is working but the job is not done. We need to secure the economic recovery for the long term,'' Chancellor of the Exchequer Osborne told lawmakers, citing the revised forecasts issued by the Office for Budget Responsibility.
He added: “We seek a responsible recovery, one where we don't squander the gains that we have made.
“We need a government that lives within its means in a country that pays its way within the world.''
Osborne added that the Conservative-Liberal Democrat government would borrow £111 billion in the current 2013/2014 fiscal year, which runs from April to March, compared with £120b forecast in the budget.—AFP/AP