Brown to blame oil price rises for growth downgrade

Gordon Brown has set the stage for an embarrassing retreat over his economic predictions for Britain, signalling that he will cut his growth forecasts sharply while seeking to blame high oil prices.

The Chancellor has repeatedly refused to back down on his Budget forecast for growth of 3 to 3.5 per cent this year. In Washington yesterday he made clear that in his Pre-Budget Report this year he will be forced to cut this to as little as 2 per cent.

The Times