§ 16. Mr. HunterTo ask the Chancellor of the Exchequer if he will make a statement on the projections for United Kingdom growth made by (a) the Treasury and (b) independent forecasters at the time of the (i) 2002 and (ii) 2003 budget. [132071]
§ Ruth KellyBetween the 2002 and 2003 Budgets, both the Government and independent forecasters revised down their GDP growth forecasts for 2003, reflecting a fragile global economic environment and heightened international uncertainties.
At the time of the 2003 Budget, the average of independent forecasts for GDP growth in 2003 was consistent with the Budget forecast, with over 70 per cent. of forecasters included in HM Treasury's 'Comparison of independent forecasts' either within of above the Budget forecast range.