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Fiscal watchdog questions how long the country can walk tall

data questions

In its twice-yearly assessment of the UK economy, the Office for Budget Responsibility now expects Britain to grow 2.5% this year and 2.3% in 2016 – marginally faster than it forecast three months ago. With cheap oil prices pushing inflation down, the OBR expects prices to grow by just 0.2% this year. It also forecasts that unemployment will fall to 5.3% this year before stabilising around that level. However with national income set to rise on average by 2.3% between 2016 and 2019 – below the pre-recession average of 2.75% - the rate of growth of output per worker will continue to disappoint. OBR chairman Robert Chote said prospects for wage and living standards were 'all crucially down to this huge puzzle of when productivity growth is going to resume'.

 

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