London - XINHUA
British economic growth forecast for 2014 has been revised up to 2.7 percent from the previous 2.4 percent, Finance Minister George Osborne said on Wednesday.
Delivering his fifth budget report to the House of Commons, Osborne said the British economy was recovering quicker than forecast.
"If you are a maker, a doer or a saver: this budget is for you," said Osborne.
The Office for Budget Responsibility (OBR) raised its forecast for the British economic growth as economic recovery strengthens.
Economic growth next year is revised up to 2.3 percent, up from 2.2 percent made in the Autumn budget report. Growth forecast for 2016 remained at 2.6 percent in 2016 and 2017.
Osborne said with the output gap closed around a year earlier than previously predicted, "growth returned to around its long-term trend at 2.5 percent in 2018."
The budget report predicted that 1.5 million new jobs would be creased in next five years, and Britain for the first time in 35 years has a higher employment rate than the United States.
"Before we came to office the deficit was 11 percent. This year they say it will be 6.6 percent -- lower than forecast and down a third," said the finance minister.
The deficit will be reduced to 5.5 percent next year, and then fall to 0.8 percent in 2017-18, predicted Osborne.
In 2018-19, there would be no deficit at all, instead, at plus 0.2 percent, said Osborne in his budget.
OBR forecast public debt would be 74.5 percent of GDP this year, 77.3 percent next year, peaking at 78.7 percent in 2015-16.