Autumn statement

29/11/11
Tough day for Osborne.
Tough day for Osborne.

George Osborne is set to unveil downgraded economic growth forecasts to MPs later.

The chancellor will present updated figures from the independent Office for Budget Responsibility (OBR) in his autumn statement, set to begin at 12:30 GMT.

The OBR revised 2011's growth forecast from 2.3% 12 months ago to 1.7% in March. GDP growth for 2012 was predicted at the time of this year's Budget to be 2.5%, with growth in 2013 and 2014 of 2.9%.

Those figures are set to be cut again by the OBR after six months of turmoil in the eurozone and depressed consumer confidence.

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