Richard Hughes, chairman of the Office for Budget Responsibility apologises for a “technical error” that led to the early publication of the organisation’s Budget forecasts and announces an investigation. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
00:00Before I turn to the substance of our forecast, let me start with an apology.
00:03A link to our Economic and Fiscal Outlook document went live on our website too early this morning and was subsequently removed.
00:08We apologise to the Chancellor and Members of Parliament for this technical error and have initiated an investigation into how this happened.
00:14It will be reporting to our Oversight Board, the Treasury and the Commons Treasury Committee on how this happened and how to make sure it doesn't happen again.
00:22Let me now turn to the substance.
00:24Starting with the economy, the productivity performance of the UK economy has continued to undershoot our forecasts.
00:29Despite several significant downgrades since 2010.
00:32And continued sluggish productivity growth, seen years on from the shock of the pandemic and energy crisis, suggests that the sharp rebound we've been expecting is unlikely to materialise.
00:43Therefore, following our summer supply stock take, we further revised down our estimate of the underlying trend rate of productivity growth by 0.3 percentage points.
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