Osborne revises UK growth Prospects

Dollar and Euro Currency

In his autumn statement yesterday George Osborne lowered the UK’s economic growth prospects for 2011 and 2012 to 0.9% and 0.7%, respectively. He also warned that Britain could easily slip back into a recession as a result of the Eurozone crisis and that austerity measures would be extended beyond 2015. Meanwhile, Eurozone finance ministers have agreed to extend the capacity of the European Financial Stability Fund (EFSF) and to release the sixth tranche of loans, worth €8 billion, to Greece by mid December. Additionally, it has been reported that ministers were informed, byway of a secret document that Italy was at risk of insolvency.

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Osborne revises UK growth Prospects

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