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Economic Growth

Treasury written question – answered on 12th December 2011.

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Photo of Jim Cunningham Jim Cunningham Labour, Coventry South

To ask the Chancellor of the Exchequer what assessment he has made of the levels of economic growth in (a) the UK and (b) other G7 countries over the last 12 months.

Photo of Chloe Smith Chloe Smith The Economic Secretary to the Treasury

The Office for Budget Responsibility (OBR) is responsible for producing independent economic and fiscal forecasts. Its “Economic and fiscal outlook” published 29 November 2011 state that

“World activity has slowed since our March forecast, especially in advanced economies. This reflects: the deepening of the euro area sovereign debt crisis and related weakness in the financial sector; the supply chain effects from the Japanese earthquake; sluggish performance in the US labour and housing markets; and higher oil prices, partly related to unrest in the Middle East and North Africa (MENA) region.”

The UK cannot be immune from this series of shocks, which have weakened economic growth in the UK and other G7 countries over the last 12 months.

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