Brown revises growth targets

Chancellor Gordon Brown cited the global economic slowdown for his revision to next year's growth forecast from 3-3.5% to 2.5-3%.

The BPIF expressed cautious optimism at the chancellor's decision in his pre-budget report to increase borrowing rather than business taxes.

Director of external and corporate affairs Cicely Brown said there was relief that the report did not contain any measures to increase tax on business. However, this didn't necessarily mean that the real budget would not increase business' tax burden, she added.