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2013 Autumn Statement: 'Economic plan is working' says Osborne

05 Dec 2013

The economic outlook for Britain was more upbeat in today’s Autumn Statement than at the Budget earlier this year, with Chancellor George Osborne starting his speech with the announcement that ‘Britain’s economic plan is working.’

Addressing MPs in the House of Commons, Osborne revealed that the Office for Budget Responsibility (OBR) had more than doubled its UK growth estimate for 2013, from 0.6% to 1.4%. The OBR also upgraded its growth forecasts for 2014 from 1.8% to 2.4%.

Meanwhile, revised figures from the Office for National Statistics show that the decline in GDP between 2008 and 2009 was 7.2%, compared to the previous estimate of 6.3%. Osborne said this had cost the economy £112bn, reminding us of the ‘economic calamity that befell Britain.’ 

However, the Chancellor warned against complacency, commenting that the Government’s aim was to ‘secure the economy for the long term’ and that despite the upturn, ‘the job is not done’.