Budget 2013: OBR halves UK economic growth forecast

The official forecast for growth in the UK economy this year has been halved, the Office for Budget Responsibility (OBR) has confirmed.

Robert Chote, chairman of the OBR, also revealed that the chancellor had failed to cut the amount the government borrowed this year.

The OBR has cut its growth forecasts repeatedly since it was established in 2010, when it was expecting 2.8% growth for 2013.