Autumn Statement: Osborne announces OBR downgrade of UK growth forecasts

FXStreet (London) - Giving his Autumn Statement, UK Chancellor of the Exchequer, George Osborne has announced that the Office for Budgetary Responsibility has downgraded its forecasts, citing the problems facing the Eurozone and Japan.

The OBR forecasts the UK to grow 2.4 percent next year and 2.2 percent in 2016. It forecasts inflation at 1.2 percent in 2015 and 1.7 percent in 2016.

The 2015-16 budget deficit is forecasted at GBP75.9 with the UK expected to run a budget surplus in 2018-2019.