"As she stood at the dispatch box, Reeves opens by saying it was deeply disappointing and a serious error on their part, meaning the OBR. We are rebuilding our economy, she says, pointing to trade deals with the US, India and the EU, planning reforms, an overhaul of the visa system and a change of fiscal rules to raise public investment to a four-decade high."
"The Office for Budget Responsibility (OBR), in a document released early in what appears to be an extraordinary blunder, is predicting growth of 1.5% for this year, up from the 1% it predicted in March. After that, the forecast is for 1.4% next year and 1.5% every year thereafter until 2030. That means that every year from 2026 has been downgraded. Previously, forecasts were for 1.9% in 2026, then hovering between 1.7% and 1.8%."
An accidental early release of the Office for Budget Responsibility's assessment overshadowed the budget presentation and prompted widespread criticism. The budget emphasizes rebuilding the economy through new trade deals with the US, India and the EU, visa system overhaul, planning reforms, and a change in fiscal rules to raise public investment to a four-decade high. The plan relies on tax rises, particularly on the wealthiest, to close a £22bn public-finance shortfall and to fund the NHS rather than cutting spending. The OBR forecast shows growth of 1.5% this year, lower medium-term growth from 2026, and slightly higher near-term inflation.
Read at www.theguardian.com
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