Economy can grow faster than thought before inflation bites, says Treasury

Tue, 16 Dec 2014

By Pattrick Smellie Dec. 16 (BusinessDesk) - Economic growth is expected to average a historically high annual rate of 2.8 percent over the next five years, although growth will peak in the year to March 2015 at a slightly lower level than was forecast in the budget in May, the government’s half year economic and fiscal update says. Lower than expected inflation means the nominal value of economic activity will be lower, reducing forecast government tax revenues and removing the forecast budget surplus for the year to June 2015. But it...

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