Last week the Office for Budget Responsibility revised down its forecasts, suggesting the economy would only expand by 1.4pc in the next year — and warning there would be a knock-on effect on the public finances. While the OBR’s chairman Robert Chote put the gloomy predictions down to uncertainty from the Brexit vote, several Leave champions — including Jacob Rees-Mogg and Michael Gove — have since accuse the OBR of being on shaky ground.
Today Chote was hauled before the Treasury Select Committee to defend the forecasts. While Chote joshed that there was every chance it could be proved wrong as ‘that is the nature of forecasts’, he struck a sombre tone as he warned of the potential fall out from Brexit. He likened the Leave vote to boarding a plane but not knowing where you want to go.
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