As part of its attempts to improve England’s financial woes, the new Conservative / Liberal Democrat government created an independent review board known as the Office for Budget Responsibility (OBR). Just one week before the government’s emergency budget, the OBR has cut growth outlook for next year to 2.6 percent from 3.25 percent, while slashing predictions for 2012 to 2.8 percent from 3.5 percent.
Despite the downgrade, Sir Alan Budd, chair of the OBR, stated that there was little chance that the UK economy could fall back into recession.
Source: London Times