Autumn Statement: Economic growth slashed

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The Office for Budget Responsibility (OBR) has downgraded its growth forecasts for the economy and the public finances amid the Chancellor’s Autumn Statement speech.

Despite Osborne asserting early in his address to parliament that the British economy was “on the right track” he revealed the lower economic growth forecasts.

According to the OBR the new predictions show the economy will contract by 0.1% overall in 2012, suggesting another negative quarter of growth.

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Robert Lovell
Managing Editor
AccountingWEB.co.uk
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06th Dec 2012 09:35

As I watched the

OBR do their bit I started to glaze over....I started to reflect on life.....and then wondered what the hell these guys are paid....a spreadsheet and lots of numbers....which are then tweaked to give other numbers....which are then used to forecast....which inevitably bears no relation to the actual situation.

 

What next....a government insisting that taxing the rich less will encourage them to pay more....

 

 

 

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