OBR chief Robert Chote: Forecasts never spot on

The head of the Office for Budget Responsibility has defended its economic forecasts after MPs accused the body of getting its figures "horribly wrong".

Speaking before the Commons Treasury Select Committee, Robert Chote said there was "virtually nil" chance of predictions coming true as the evidence on which they are based is itself subject to fluctuations.

The OBR, which is independent of government, last week downgraded growth forecasts until 2014, including a steep revision from 2.5% to 0.7% for 2012.