UK prospects for growth far weaker than first predicted, says OBR

Forecaster now expects economy to grow by just 1.5% in 2017, rather than 2% originally suggested in March

Britain's growth prospects are far weaker than previously thought, according to the Office for Budget Responsibility, as stalling productivity and cash-strapped consumers provide a bleak backdrop for the economy.

The government's independent economic forecaster sharply downgraded its growth predictions and now expects the economy to grow by just 1.5% this year, after predicting 2% growth back in March at the time of the last budget.

The Office for Budget Responsibility is the government's independent forecaster, which gives its verdict on the outlook for growth and the public finances twice a year.