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OBR to revise upwards growth forecasts


The Office for Budget Responsibility is to publish forecasts alongside Budget

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The Office for Budget Responsibility will revise upwards its forecasts for the UK economy on Wednesday, reports suggested on Tuesday.

Forecasts -which were finalised on 7 March and will be published alongside chancellor George Osborne’s Budget - are moving in line with more optimistic private sector forecasts, the Financial Times reported on Tuesday.

The last forecasts published by the OBR were at the height of the eurozone crisis in November. It is believed that the independent body will raise forecasts to 0.8 percent from 0.7 percent for 2012 and will not predict a recession.

Government insiders accept the figures to be published on Wednesday are close to those in the autumn statement, the FT reported. The implications for public borrowing and gilt sales are likely to be minimal.

The OBR said it will not comment on its forecasts until publication on Wednesday.

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OBR to revise upwards growth forecasts
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