macro

Osborne vs OBR

Osborne: "thanks to the sacrifice and endeavour of the British people, I can today report the hard evidence that shows our economic plan is working."

Office for Budget Responsibility (PDF), from first two paras: "we judge the positive growth surprise to have been cyclical, reducing the amount of spare capacity in the economy, rather than indicating stronger underlying growth potential. We do not expect the quarterly growth rates seen during 2013 to be sustained in 2014."

Osborne sets up OBR. Osborne ignores it, picks own message.

Note also: mainlymacro picks up on the OBR deducing Osborne's current plans imply "government consumption of goods and services falls from 23.2 per cent of nominal GDP in 2009 to 16.1 per cent by the end of the forecast period [2019], its lowest on record in data back to 1948."

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