According to Business Spectator:
"Britain's newly created budget watchdog downgraded economic growth forecasts but did not radically alter the scale of austerity measures required from the country's coalition government.
Britain's economy will grow more slowly after this year than the previous Labour government expected but state borrowing will fall a bit faster than originally thought partly due to recent higher tax receipts, the Office for Budget Responsibility said.
Moreover, changes in the assumptions underlying the forecasts limited the impact of the growth downgrade on the public finances, and led both Conservative finance minister George Osborne and his Labour predecessor Alistair Darling to argue that the forecasts vindicated their policies."
