David Prosser: Another blow for the Chancellor and Plan A

Click to follow
The Independent Online

Outlook The European Commission's revised forecasts for economic growth, published yesterday, are for the entire bloc, not just the beleaguered eurozone. They make grim reading for Britain.

Certainly, the Office for Budgetary Responsibility will have to downgrade its forecasts when the Chancellor makes his autumn statement in a little over two weeks' time. And it is not just growth that will be lowered: so too will be the OBR's forecasts for the progress Britain can make on cutting debt. It now seems likely the OBR will suggest there is more chance than not of Mr Osborne missing his target of eliminating the budget deficit during this parliamentary term.

If so, you can expect yet more vocal criticism for the Chancellor from the growing number of people who believe sticking to Plan A is becoming more of a mistake by the day.

  • More about:
  • UK