I have two (rather belated) pieces on English Economic in response to George Osborne’s Autumn Statement and Spending Review on 25 November. The first argues that the spending review was a deal done from a position of weakness and reflects Osborne’s economic failure. His financial statements are turning into twice-yearly Groundhog Days, in which the same failed solutions chase the same unsolved problems.
The second is a ranty thing about economic forecasting, which has, as the Financial Times itself put it, “an astonishing record of complete failure”. Why should we take the Autumn Statement seriously, when the whole thing is based on projections by people with an impressive track record in being wrong? When you look at the facts, economic forecasting deserves to be treated no more seriously than astrology or football punditry.