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It slashed its forecasts for economic growth, predicting deeper contractions in the UK, Spain and Italy.
The OECD has warned that the global economic is vulnerable, as it cut its forecasts for world growth.
The OBR unexpectedly gave the Chancellor more fiscal room at last November's Autumn Statement, when it upgraded its forecasts for tax revenues over the coming four years.
The Government's independent tax and spending watchdog last month increased its full-year borrowing target by £5 billion after it lowered its forecasts for economic growth.
NIESR's stark reminder of the continued squeeze in UK living standards came despite it upgrading its forecasts for growth in the broader economy.
The company, based in Glen Cove, N.Y., also said it would cut its forecasts for the next two quarters.
But it also lowered its forecasts for growth and inflation, suggesting that an increase may not come until the latter part of the year.
The IMF said it had cut its forecasts for the global economy due to the likely knock-on effect of the vote on other countries, particularly in Europe.
The bad news for Merck is that for it to make its forecasts for this year, just about everything has to go right.
It also revised up its forecasts for some eurozone states, following the bloc's emergence from recession earlier this year.
It has significantly raised its forecasts for stamp duty take over the next five years, due to higher prices and increased transactions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com