Mark Field is the Member of Parliament for the Cities of London and Westminster and currently serves as a member of the Intelligence and Security Committee. Follow Mark on Twitter.
This year’s Budget continued a hapless, unparalleled record of forecasting failure for the Office of Budget Responsibility.
Sadly, what has so undermined City commentators’ confidence is that the OBR’s independent analysis has invariably veered in the direction of robust support for the Treasury’s economic projections. At each succeeding Autumn Statement and Budget since June 2010, the OBR has been forced to downgrade growth outturns, whilst continuing to hold optimistically to the notion that the public finances will be transformed by robust growth starting earnestly in two years’ time. It all seems so reminiscent of the Brown Chancellorship’s discredited financial projections that persuaded global investors to allow Britain to borrow well beyond its means, with such disastrous consequences in the Noughties.