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This makes interesting reading for a few reasons
1/ The OBR’s more favourable forecast than the BofE for our economy last year was based on immigration figures not being tightened. Now set to reduce the forecast on Patel’s plan
2/ It also reveals a division between Javid & her
Lesson 1/. Make sure you understand the underlying assumptions being made by bodies issuing forecasts. When those change so will the forecast. With Javid gone and Patel still in place the underlying assumption has changed
Lesson 2/. This means more borrowing and even less headroom to increase public spending as Johnson promised

And now we have #Covid_19 which will need substantial public spending support.

Wonder when Johnson starts wishing he hadn’t won that election
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