Budget 2012: George Osborne predicts economic growth

Chancellor George Osborne predicted better than expected economic growth today as he unveiled a Budget which 'rewards working families and helps those looking for work'.

Mr Osborne said the Office for Budget Responsibility expects UK plc 'to avoid a technical recession with positive growth in the first quarter' of this year.

He said the OBR had reported that the economy has 'carried a little more momentum into the new year than previously anticipated'.

He added: 'Indeed, the Office for Budget Responsibility is slightly revising up in their growth forecast for the UK this year to 0.8pc.'

This is up from 0.7pc last autumn.

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The OBR is also predicting growth of 2pc next year, 2.7pc in 2014 and 3pc in both 2015 and 2016.

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