Help to Buy scheme could drive up house prices, says OBR

Office for Budget Responsibility says scheme will do little to boost construction industry but is likely to inflate property pricesGeorge Osborne’s flagship scheme to boost the construction industry will drive house prices higher and make it even harder for people to get on the property ladder, the Office for Budget Responsibility (OBR) has said.The government’s […]
Continue reading…

Enjoyed this post? Share it!

 
 

Alex Salmond’s Scottish oil boom predictions rejected by OBR

Office for Budget Responsibility predicts that oil revenues will be £7.5bn lower than first minister’s forecastAlex Salmond’s predictions that Scotland will soon enjoy an oil boom have been rejected after the Office for Budget Responsibility stuck to its downbeat predictions about future oil revenues.As George Osborne unveiled a £176m increase in spending for Salmond’s government […]
Continue reading…

Enjoyed this post? Share it!

 
 

David Cameron’s deficit reduction claim was a leap too far for the OBR

Robert Chote, chairman of the Office for Budget Responsibility, rebuked the PM with his team’s independence in the spotlight Who to blame for the economy’s lack of oomph will be a crucial factor in the next election. The prime minister kept up the momentum in his speech on Thursday, blaming Labour’s poor stewardship in the […]
Continue reading…

Enjoyed this post? Share it!

 
 

Vince Cable exposes coalition divisions over austerity

Business secretary warns of damage as Office for Budget Responsibility rebukes David Cameron over impact of cuts Political divisions over continuing austerity widened as the business secretary, Vince Cable, warned David Cameron that very serious damage will be done to British industry if the prime minister continues to insist only some departments will be subject […]
Continue reading…

Enjoyed this post? Share it!

 
 

OBR chief warns George Osborne not to rely on borrowing forecasts

Robert Chote tells MPs he would not stake his reputation on the Office for Budget Responsibility’s autumn statement predictionsThe head of the government’s independent tax and spending watchdog has warned chancellor George Osborne that it would be a mistake to rely on forecasts showing public borrowing coming down this year.Robert Chote, the director of the […]
Continue reading…

Enjoyed this post? Share it!

 
 

UK trade gap widens in October

Office for National Statistics says trade deficit in goods and services has jumped to £3.6bnBritain’s ability to recover from the financial crisis took another knock on Thursday after official figures showed the trade gap widened in October.Only a day after the chancellor, George Osborne, was forced to accept that the economy would grow more slowly […]
Continue reading…

Enjoyed this post? Share it!

 
 

Autumn statement 2012: austerity will last until 2018, admits George Osborne

Office for Budget Responsibility expects a contraction in GDP of 0.1% this year and growth of 1.2% in 2013George Osborne was forced to admit that the grim outlook for economic growth means he has broken one of his two self-imposed fiscal rules and the Tories will go to the polls in 2015 promising another three […]
Continue reading…

Enjoyed this post? Share it!

 
 

Autumn statement 2012: economy weaker than expected, Osborne says

Chancellor says the Office for Budget Responsibility now forecasts a contraction of 0.1% in 2012 but insists that the ‘British economy is healing’George Osborne has insisted the British economy is “on track” – despite warning that he now plans to extend austerity measures until 2017-18, deep into the next parliament, as weaker-than-expected growth hits the […]
Continue reading…

Enjoyed this post? Share it!

 
 

UK economic growth forecasts revised down by OBR

Independent Office for Budget Responsibility predicts a contraction of 0.1% in 2012 before growth of 1.2% in 2013The government is contemplating a tougher year ahead after the independent Office for Budget Responsibility (OBR) revised down the prospects for the UK economy.Contraction in 2012 will be -0.1%, the OBR predicted, down from the 0.8% growth predicted […]
Continue reading…

Enjoyed this post? Share it!

 
 

Autumn statement 2012: key points

The crucial economic announcements made by chancellor George Osborne in his autumn statement to the CommonsHere are the crucial economic announcements made by chancellor George Osborne today in his autumn statement to the Commons. Hit refresh to update the page as the statement continues.Growth• Office for Budget Responsibility adjusts growth forecast downwards to -0.1% this year […]
Continue reading…

Enjoyed this post? Share it!