OBR: Budget increased risk of double-dip recession

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Respected economists Sir Alan Budd and Geoffrey Dicks agreed a return to recession was a serious possibility as George Osborne's austerity measures bite into the economy. But they stressed that, on balance, it was more likely that the economy would continue growing.

"The near-term outlook for GDP is not as good as it was before the Budget. I still don't think that will mean a double-dip, but logically the chances of that happening have increased."

Budd added of the OBR's forecasts: "This is a matter of extreme uncertainty, and the possibilities certainly include a double-dip recession, but they also include a stronger recovery."