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Budget forecasts in question
Chancellor Alistair Darling faced fresh embarrassment last night as a survey of independent forecasts for the Treasury forecasting UK growth were more negative than his own predictions. Last month’s Budget predicted that growth would be 1.25 per cent in 2010 before bouncing back to 3.5 per cent in 2011, 2012 and 2013. But the average forecast said 2010 growth would only be 1.25 per cent, and then 1.9 per cent in 2011, 2.4 per cent in 2012 and 2.6 per cent in 2013. If true, Darling will have to borrow £73bn more over the next four years than he forecast last month.