Osborne Lowers U.K. Growth Forecast, Increases Borrowing

This will be a boon for precious metals investors purchasing in GBP, even if Gold & Silver prices remain static, which of course they wont ~ TOTM

From Bloomberg:

Chancellor of the Exchequer George Osborne said the British economy will grow more slowly than forecast in 2011 and the U.K. will need to borrow more than previously thought in the next five years.

The Office for Budget Responsibility predicts 2011 growth of 1.7 percent, down from the 2.1 percent forecast in November, Osborne said in his budget speech in the House of Commons in London today. The government will borrow 122 billion pounds ($198 billion) next year compared with an earlier forecast of 117 billion pounds. The chancellor said he will stick to his plan to eliminate the bulk of the deficit by 2015........read on