Britain cuts growth outlook in annual budget

16th March 2016, Comments 0 comments

Britain's finance minister George Osborne on Wednesday said that the country's economy was set to grow slower than expected this year amid turbulence in financial markets.

The nation's economy was set to grow by 2.0 percent this year, down from a November estimate of 2.4 percent, Chancellor of the Exchequer Osborne said as he delivered his annual budget to parliament.

Osborne added that gross domestic product growth was expected to stand at 2.2 percent next year, down from a previous estimate of 2.5 percent.

The chancellor pointed to a "dangerous cocktail of risks" including "turbulence in financial markets, slower growth in economies like China, and weak growth in the developed world".

© 2016 AFP

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