Autumn Statement 2011: Growth of 0.7% this year

Chancellor predicts 0.9% growth this year, 0.7% next year and 2.1% by 2013.

The structural deficit is forecast to fall to 0.5% in five years and debt to GDP ratio is set to peak at 78% in 2014/15.

‘The problem has been exacerbated by rising commodity prices. Borrowing is falling and debt will fall. We are set to meet our budget rules and we will see Britain through our debt storm,’ says Chancellor George Osborne. ‘Yesterday we were even borrowing money more cheaply than Germany”.