Here are key graphs to consider as George Osborne presents his spending and savings plans, and growth forecasts, in his first budget since the electionThe UK’s economic recovery appears to be established, with GDP rising for nine consecutive quarters now and above its pre-crisis peak. But the latest data showed the growth rate halved in the opening months of 2015 to 0.4%, from 0.8% in the final quarter of 2014. The OBR may expect a further upward revision in time. Nonetheless, we expect its 2015 forecast to fall from 2.5% to 2.4% or 2.3%. If the chancellor is lucky, the OBR will just assume that the first quarter’s weakness was temporary, rather than indicating that the economy’s potential growth is weaker than it thought.” On Greek crisis, while we hope for the best, we now need to be prepared for the worst. Continue reading...
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