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George’s balancing act of growing a troubled economy
The theory behind today’s Budget was a trade off between the Chancellor’s promised “Budget for growth” and the troubling backdrop of rising inflation, weakening tax revenues and flat economic output. The Office for Budget Responsibility (OBR) has revised its November forecast for economic growth from 2.1% for this year to 1.7%, closer in line with independent forecasts, but its medium term forecasts have increased.