Autumn Statement: Economy still shrinking – but growth on the way, says Chancellor

Chancellor George Osborne said the UK economy will continue to shrink this year – down 0.1% – compared to 0.8% predicted in his Budget earlier this year.

But in his Autumn Statement, the Chancellor forecast growth for next few years – 1.2% in 2013, 2% in 2014, 2.3% 2015, 2.7% in 2016 and 2.8% in 2017

He said there would be a crackdown on tax avoidance including closure of loopholes and more resources to stop multinationals avoiding tax.

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