UK economic performance is already better than the OBR expected as recently as November 2022. Its recent economic assessment does offer some positives. Established in 2010 to ensure the observance of public spending rules, and to provide independent evaluation and oversight, it exemplifies the technocratic economic governance that has become a common feature in the west. The Office for Budget Responsibility (OBR), Britain’s independent fiscal watchdog, is another key voice on UK economic policy. The International Monetary Fund, for example, forecasts that the UK will be the worst performing of the major economies in 2023. Hunt’s aim to provide a shot in the arm for UK productivity is largely built around plans to increase labour force participation, notably through financial support for childcare, encouraging business investment, and by creating 12 investment zones in struggling towns and cities.īut his optimistic assessment of the UK’s growth prospects seems rather at odds with most expert evaluations.
He went on to offer a fairly upbeat assessment of both economic performance and future prospects, arguing: “The declinists are wrong and the optimists are right.” UK chancellor Jeremy Hunt confidently described his first budget of 2023 as a “budget for growth”.
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