Osborne Says 2013 U.K. Growth Forecast Cut in Half

Chancellor of the Exchequer George Osborne said the forecast for U.K. economic growth this year was cut by half as he lowered corporation tax and set out an updated central-bank remit to aid Britain’s recovery.

Gross domestic product will increase 0.6 percent this year, compared with a previous forecast of 1.2 percent, Osborne told Parliament in London as he delivered his annual budget statement today, citing the Office for Budget Responsibility’s predictions. The economy will grow 1.8 percent next year, compared with a previous estimate of 2 percent, and it will expand 2.3 percent in 2015, he added.