UK Budget: GDP growth forecasts revised down

Britain's GDP growth forecasts were revised downwards on Wednesday as Finance Minister George Osborne warned of "materially weaker" global growth.

In his annual Budget speech to parliament, Osborne said the Office for Budget Responsibility had downgraded its forecast of UK economic growth in 2015 from 2.4% to 2.2%

It also revised downwards for this and following years - from 2.4% to 2% in 2016, from 2.5% to 2.2% in 2017, from 2.4% to 2.1% in 2018 and from 2.3% to 2.1% in both 2019 and 2020.