Report predicts double Budget blow

Press Association

This week's Budget will reveal a double blow for Chancellor George Osborne as official forecasters are expected to downgrade UK growth and confirm an £8 billion borrowing overshoot, according to the Ernst & Young ITEM Club.

The ITEM club said the Office for Budget Responsibility (OBR) is likely to slash its growth forecasts to just under 1% for 2013 from 1.2%.