UK finance minister: GDP growth forecast raised
LONDON (AP) -- Britain's finance minister says borrowing will fall modestly in the new financial year and that the country's economy will return to growth in the current quarter.
George Osborne, the chancellor of the exchequer, said in his budget speech Wednesday that the U.K.'s gross domestic product is expected to grow by 0.8 percent this year and 2 percent next year.
Citing forecasts by the independent Officer for Budget Responsibility, Osborne also said borrowing in the current fiscal year will be 126 billion pounds ($199 billion), a billion pounds less than his target. He forecast a drop to 120 billion pounds next year, then 98 billion pounds in 2014.
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