What a difference six months makes
The economic outlook has got worse over the last six months. I know, I know, you knew I thought that already. But did you know it’s what the government’s own Office for Budget Responsibility believes too?
Their latest Economic and Fiscal Outlook updates the one they produced in November and it includes a handy table showing how their forecasts for the next five years have changed; it shows:
- They now expect GDP to be lower;
- The balanace of payments to be worse;
- Inflation to be higher;
- Employment to be lower;
- Unemployment (ILO measure and claimant count) to be higher;
- Average earnings to be lower; and
- Household disposable income to be lower.
Every single one is a good reason for coming to tomorrow’s March for the Alternative.
Here’s the table:
Oh, and another thing: as Richard Murphy points out (referencing Sturdyblog), the government’s strategy for cutting their debt involves handing it over to us. A fascinating post shows how the OBR forecasts began by showing household debt going down as a percentage of income over successive years. Each revision showed this getting a little bit worse, with the latest one showing the burden going UP in successive years: