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Graphic shows Treasury forecast for OBR productivity growth.
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UK Budget – OBR productivity growth forecast

By Duncan Mil

November 22, 2017 - British Chancellor Philip Hammond presents his first autumn Budget, setting the stage ahead of Brexit. Here we pick out key indicators from the Chancellor’s Budget speech, shown in seven charts.

The basis for all of the forecasts from the Office for Budget Responsibility, the Treasury’s official prognosticator, are its view of productivity, or the nation’s output per hour worked.

And, as expected, at this fiscal event the OBR has taken a much more pessimistic view relative to its last report in March.

The OBR has downgraded its estimate of productivity growth by 0.6 per cent on average in the four years to 2021-22.

Sources
PUBLISHED: 22/11/2017; STORY: Source: Ben Chu, Economics Editor, The Independent
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