First independent official growth forecasts to be published Monday

The newly-formed Office of Budget Responsibility will publish its first independent forecast of UK Growth on Monday 14 June, a week ahead of the budget.

The update - intended to provide independent scrutiny of the Treasury forecasts on which spending plans and borrowing forecasts are based - is being prepared by a team led by former MPC member Sir Alan Budd.

The announcement, due at 10am will provide new numbers on both growth and borrowing and will form part of a series of speeches and announcements choreographed by the coalition to prepare the public for what is widely believed to be the toughest budget in a generation.

The new office will also publish a revised forecast on the day of the budget setting out the impact of the chancellor's announcements and stating whether it believes the chancellor has more than a 50% chance of hitting his fiscal policy target.