The big growth downgrades happen from 2016-17.
Growth downgrades from the Office for Budget Responsibility have fed directly through into lower estimates for tax receipts that will add up to £56bn for the rest of this parliament.
Weak factory data from Germany and Spain this morning, and growth downgrades from the EC, have raised fears that growth is faltering...and central banks may not be able to stop it.
Commenting on its growth downgrades, the European commission said: "Risks to the outlook are tilted to the downside, reflecting less favourable external demand and uncertainty in the lead-up to the June referendum.
With many valuations based on forecasted growth, downgrades could negatively impact and seem more expensive.
The OBR only revised up 2017 GDP growth; they downgraded growth through the end of Parliament to be 2% or below.
However, the Labour leader's key focus was to ridicule a so-called "Budget for Growth" that downgraded the immediate growth forecast.
The growth downgrade follows last week's news that gross domestic product (GDP) increased by just 0.2% in the second quarter of 2011 and by 0.7% in the year to June.
Chancellor George Osborne unveiled the first overhaul of the Bank of England's remit in nearly a decade under plans for "monetary activism" in the face of sharp growth downgrades and higher borrowing.
To deliver a budget for growth that downgrades the growth forecast".
