Osborne to respond to growth forecast

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George Osborne will update MPs on the strength of the British economy today, when he responds to the latest economic forecasts from the Office for Budget Responsibility (OBR).

It is reported that the OBR is likely to increase its GDP growth estimate for the whole year from the 1.2 per cent forecast in June to nearer 1.7 per cent. Tax revenues are also expected to exceed previous forecasts by £10bn.

The statistics will be published at 1pm and will be followed by a statement in the Commons by the chancellor at 3.30pm.

Osborne is expected to summarise the OBR's predictions and set out his response to the figures.

The Treasury has made it clear it will not be announcing any tax changes or further public spending cuts in the autumn statement.

Any fiscal policy changes will come in the 2011 budget when the Treasury will have the benefit of new forecasts from the OBR.

Osborne has already announced the next Budget is set for 23 March.

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