Wednesday, March 14
Good news: there’s jam tomorrow
While treating all financial economists with a degree of caution, am encouraged by Roger Bootle’s take on the Spring Statement in this morning’s Telegraph. One of the few positive spins I have seen. As he says, the OBR is in danger of becoming the Remainers’ poster boy for Brexit pessimism – and we’ve more than enough of those. Bootle thinks Chote’s lot are substantially underestimating the likely future strength of both investment and consumer spending. Our intrepid chairman expects the UK’s economy to grow this year by about 2.0% and to continue at this rate for the next few years, allowing the chancellor, whoever that may be, to increase public spending, reduce tax rates AND lower borrowing. His caveat of course relates to you know who taking charge of the nation’s finances.