The Office for Budget Responsibility’s growth forecast remains a hard pill to swallow for the Chancellor. It slashed its growth projection for 2025-26 from 2% at the Budget to just 1% now. While the Government’s planning reforms offer a slight productivity boost of 0.2% by 2029, the overall growth for 2023-2029 is still 0.5% below what the OBR had forecast in the Budget, and productivity levels are now more than 1% lower.
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Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”