Bulletin

Osborne's bid to double exports 'will be missed'

George Osborne will miss his 2020 target of doubling exports by more than a third, according to the first official projection. The Office for Budget Responsibility expects the value of exports in 2020 to be £630bn, a 25% increase from last year but 37% short of the chancellor's £1trn ambition. Three years ago, Osborne set the goal as part of plans to shift the economy from consumption to trade but he appears to be quietly abandoning the target. In the Budget, the OBR estimated that trade would detract 0.5% from GDP growth this year as imports vastly outstripped exports, a worse outlook than the 0.1% drag predicted in March.

 

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