Ian Duncan Smith told the Telegraph that the OBR’s predictions was another utter doom and gloom scenario". Conservative MP John Redwood added: "Their [GDP growth] forecast probably is too low, their borrowing forecast is far too high, and we'll get good access to the single market once we're out of the EU."
However, Philip Hammond defended the OBR’s somewhat gloomy outlook on BBC Breakfast. "There are lots of uncertainties in the world and economic forecasters have to try to make forecasts notwithstanding those uncertainties.”
Meanwhile, Paul Johnson, from the IFRS, said the OBR’s forecast is “considerably more optimistic than those we have from most independent forecasters, and significantly more so than those we have from the Bank of England.”
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MPs want to seize Philip Green’s yacht
MP Frank Field has asked the pension regulator whether Sir Philip Green’s yacht can be seized to plug the BHS pension black hole.
According to the BBC, the Work and pensions committee chairman wrote a letter to Lesley Titcomb for clarification on the powers the regulator has regarding "a person resident overseas or a company registered off-shore".
Field asked: “Whether the regulator can settle a Contribution Notice or Financial Support Direction through acquiring assets other than cash from a person or company from which payment is being sought".
Field said no assets were off-limits.
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ICB bookkeeper’s summit: AccountingWEB member Sarah Douglas
AccountingWEB caught up with ICB member and regular on this very website, Sarah Douglas.
Douglas discussed the challenges bookeepers face in the current digital climate.