Will Straw runs through the OBR's plummeting growth projections
The chancellor announced today that the OBR’s projection of growth would be 0.9 per cent this year and 0.7 per cent next year. As we feared, this is yet another downgrade from earlier projections, as the chart below shows.
Given OBR’s past optimism, their prediction of a 300% increase in growth between 2012 and 2013 might also be met with scepticism.
See also:
• Whatever Osborne’s growth forecasts today, the reality is probably worse – Daniel Elton, November 29th 2011
• Inflation report is bad news for Osborne’s targets – Tony Dolphin, October 18th 2011
• Cameron’s “failed experiment” leads to yet another economic downgrade – Alex Hern, October 17th 2011
• OECD prediction rocks Osborne’s deficit reduction hopes – Ben Fox, September 9th 2011
• Britain is bottom of the G7′s growth table – Will Straw, August 4th 2011
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12 Responses to “How the OBR’s growth projections have fallen”
Richard Murphy
How the OBR’s growth projections have fallen – @leftfootfwd http://t.co/S5pIL5Gu’s-growth-projections-have-fallen/ #falseeconomy
David Nash
Chote talking through OBR figures; 3 fold increase in GDP growth bet 2012 and 2013 sounds just a tad optimistic http://t.co/sTzrDcQo #AS2011
Keva
Osbourne should come with a health risk attached, but I wonder if Labour would actually cut much less than this bunch of axe wielding maniacs if they got in again? We need a centre left social democratic party with real principle in touch with ordinary people not a mild version of the Tories and right wing liberals who are equally out of touch in the leadership.
Newsbot9
Nice conspiracy theory. Shame that in fact that doesn’t discourage investment, even in the actually-paying-50%-of-income Nordic nations, for the rich.
No, what discourages investment is consumer confidence is in the toilet, and you keep flushing it.
And of course you support tax havens, as the Tories do…
Newsbot9
It matters just as much WHERE the cuts fall, Keva.
If the same cuts had been made without, say, the VAT rise? Then we’d be considerably better off. That ONE rise has done an immense amount of damage.