Someone has to pay for all that “support” the Government gave during the pandemic and all the current “support” for higher energy prices, and we now know who it is: the relatively well-off 📨 Read HamishMcRae5's newsletter here ⤵️
, and that’s good. But if you look at those forecasts of the OBR, they are so utterly different than the previous set of forecasts six months ago, you have to wonder whether the whole basis of the Government’s plans is right.
It will be too early to know whether the longer-term growth prospects for the UK will have been improved to any significant extent, but they will have a story to tell that puts their stewardship of the economy in rather better light than it looks right now.has been miserable and unfair A confession: I made the mistake of underrating the wider economic impact of the war, thinking that because Russia was a relatively small economy, the disruption could not be that serious despite its importance as a source of raw materials. That has proved true as far as the oil market is concerned, for the oil price in dollars is actually a tiny bit lower than it was on the eve of the invasion. Brent crude oil was around $92 a barrel then and is now $90 a barrel.
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