How the OBR’s growth projections have fallen

The chancellor announced today that the OBR’s projection of growth would be 0.9 per cent this year and 0.7 per cent next year. As we feared, this is yet another downgrade from earlier projections, as the chart below shows.

Given OBR’s past optimism, their prediction of a 300% increase in growth between 2012 and 2013 might also be met with scepticism.

See also:

• Whatever Osborne’s growth forecasts today, the reality is probably worse – Daniel Elton, November 29th 2011

• Inflation report is bad news for Osborne’s targets – Tony Dolphin, October 18th 2011

• Cameron’s “failed experiment” leads to yet another economic downgrade – Alex Hern, October 17th 2011

• OECD prediction rocks Osborne’s deficit reduction hopes – Ben Fox, September 9th 2011

• Britain is bottom of the G7′s growth table – Will Straw, August 4th 2011

http://twitter.com/politicalplanet/status/141509793536937984 Political Planet

How the OBR’s growth projections have fallen: Will Straw runs through the OBR's plummeting growth projections http://t.co/C8mjcwHj
Mark Stevo

What was the % increase in growth from 2009 to 2010?
Anonymous

They have fallen because the government is taking too much money.

Hence less is available for investment.

Then all the parties have said to the rich, those with money to invest, we are going to milk you for the cash. We know better than you do. The rich have got the message. You aren’t welcome in the UK. [Unless you're a non-dom and have your assets offshored]
http://twitter.com/therightarticle/status/141513236297158657 Michael

How the OBR’s growth projections have fallen – http://t.co/vAw00oUF
http://twitter.com/falseecon/status/141518488903753728 False Economy

How the OBR’s growth projections have fallen – @leftfootfwd http://t.co/S5pIL5Gu’s-growth-projections-have-fallen/ #falseeconomy
http://twitter.com/richardjmurphy/status/141519798239629312 Richard Murphy

How the OBR’s growth projections have fallen – @leftfootfwd http://t.co/S5pIL5Gu’s-growth-projections-have-fallen/ #falseeconomy
http://twitter.com/davidnash1/status/141535576988975104 David Nash

Chote talking through OBR figures; 3 fold increase in GDP growth bet 2012 and 2013 sounds just a tad optimistic http://t.co/sTzrDcQo #AS2011
Keva

Osbourne should come with a health risk attached, but I wonder if Labour would actually cut much less than this bunch of axe wielding maniacs if they got in again? We need a centre left social democratic party with real principle in touch with ordinary people not a mild version of the Tories and right wing liberals who are equally out of touch in the leadership.
http://twitter.com/Newsbot9 Newsbot9

Nice conspiracy theory. Shame that in fact that doesn’t discourage investment, even in the actually-paying-50%-of-income Nordic nations, for the rich.

No, what discourages investment is consumer confidence is in the toilet, and you keep flushing it.

And of course you support tax havens, as the Tories do…
http://twitter.com/Newsbot9 Newsbot9

It matters just as much WHERE the cuts fall, Keva.

If the same cuts had been made without, say, the VAT rise? Then we’d be considerably better off. That ONE rise has done an immense amount of damage.
Anonymous

And of course you support tax havens, as the Tories do…
==================
No, but its the consequence of milking the cow and not being thankful for the milk you are taking, then abusing the cow. They get the message.

Now I would rather that those on min wage are removed from taxation. Then I would rather the UK became a low tax country. 20% of a lot, its a lot better then 50-60% of nothing. That way the poor have to pay, like now.
http://www.leftfootforward.org/2011/12/look-left-02-12-11/ Look Left – Does Labour need its own Plan B? | Left Foot Forward

[...] appeared [over a year ago] suggests Osborne has lost his bet. All the revisions point downward [see here and here]. He is shifting small sums around to give the illusion of chasing [...]