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Given Rachel Reeves dependence on Office of Budget Responsibility's forecasts for keeping to her fiscal rules, as Chris Giles (FT) notes we may soon see a crisis when the OBR finally admits its always optimistic projections for productivity growth just aren't being met & therefore will need to be revised (radically) downwards.... which will negatively impact projections for growth & tax receipts, further diminishing any projected fiscal 'headroom'.
A crisis foretold?
@ChrisMayLA6 If only Rachel could work out how she could painlessly raise money for public coffers by taxing those who have plenty of dosh already! Would not even have to be a huge tax rise either. The rich would moan and groan but many simply would not feel any real difference, I mean, who needs 5 Ferraris?! #wealthtax
indeed, but they're always threatening to take their investments and put them elsewhere.... which is a threat she seems disposed to believe (despite evidence its largely untrue)