UK fin min begins his Spring Budget speech in parliament

  • markets turbulent
  • UK on course for Budget surplus
  • global outlook materially weaker
  • UK productivity drag isn't easing
  • UK economy to grow fastest among major economies

The expected mantras and hot air so far.

Latest forecasts from Office for Budget Responsibility:

  • 2016 GDP 2% vs 2.4% in Nov forecast
  • 2017 GDP 2.2% vs 2.4% prev
  • 2018 GDP 2.1% vs 2.4%

Bingo, and down goes the pound.

  • forecasts based on UK remaining in EU
  • OBR warns of uncertainty if UK leaves EU

Osborne getting referendum pitch in early.