OBR set to revise up UK growth forecast

The Office for Budget Responsibility will revise up its growth forecasts for the UK economy in Wednesday's Budget, the FT reports.

Treasury officials say they do not expect any nasty surprises in the figures which could spook bond markets, as the forecast matches the private sector consensus.  As evidence mounts that the economy hit a trough last October and has since begun to recover, economists are confident the OBR will raise its 0.7% forecast for 2012 a touch to about 0.8% and will not predict a technical recession of two consecutive quarters of negative growth. Slightly faster growth forecasts from the OBR without any changes in its assessment of the potential for the economy to grow will enable Chancellor G...