A UK exit from the European Union would result in a “serious economic shock”, which could cost a million jobs and £100 million, according to a report from the CBI.
George Osborne has delivered his eighth Budget as chancellor, where he announced reforms including a further £3.5bn cuts with the backdrop of an economy in significantly worse shape than he predicted in his Autumn Statement.
The UK economy grew by 2.6% last year, a rise of 0.9% from 2013, according to official figures.
Inflation continues to outpace inflation in the UK, with workers facing the longest squeeze on living standards since the 1870s.
China’s economy has long been catching the US, but by one measure the communist country could become the world’s biggest economy later this year.