Britain cuts growth forecasts sharply for 2016 and 2017

Britain has cut sharply its forecast for economic growth this year and next, Chancellor George Osborne said in his annual budget statement on Wednesday. The Office for Budget Responsibility forecast gross domestic product would grow by 2.0 percent this year compared with a 2.4 percent estimate in November, and rise by 2.2 percent in 2017 versus November's 2.5 percent estimate, Osborne told parliament. Productivity growth across the west is too low.