Chancellor George Osborne today downgraded the UK's growth forecasts for the second time in six months, but said that the Office for Budget Responsibility (OBR) does not predict another UK recession. Delivering his Autumn Statement, the chancellor of the exchequer said the Office for Budget Responsibility had reduced GDP growth forecasts for the UK from 1.7% to 0.9% in 2011 and 2.5% to 0.7% in 2012. Growth forecast for 2013 is 2.1%, in 2014 it is 2.7% and 3% in both 2015 and 2016. Borrowing is now expected to total £127bn in 2011-12, £120bn in 2012-13, £100bn in 2013-14, £79bn in 2014-15, £53bn in 2015-16 and £24bn in 2016-17. On unemployment, Osborne said it would rise to 8.7% next year, according to OBR - falling to 6.2% by end of parliament. As previously flagged up, he announced a credit easing programme to underwrite up to £40bn in low-interest loans to small and medium-sized firms. He also confirmed the setting up of a £1bn business finance partnership to help secure funding for medium-sized firms and extend the business rates holiday until April 2013. From April 2012, anyone investing up to £100,000 in a new start-up business will be eligible for income tax relief of 50%. In 2012, any tax on capital gains invested in such businesses will also be waived. Osborne said he'd consult on further plans to help businesses such as reform of TUPE and promised to reduce health and safety regulation on small firms. The chancellor also announced an extra £1bn that would be allocated to the Regional Growth fund in England, and said two more Enterprise Investment Schemes will be set up, in Yorkshire and Humberside. A further £1bn will be put towards a "youth contract" to subsidise six-month work placements for 410,000 young people. A 3p increase in fuel duty planned for January has now been cancelled.