With OBR ToR back in chatter, a refresher on my take of several years ago …

on.ft.com/3ytG517

… and congruently, Andy is moving towards my view that budget forecasts should move back into Treasury because, despite Osborne, they never were significantly dislodged from reality when housed there.

But remains woeful … the core problem is that we have no proof of these claims, let alone quantification, because we only have a single data-point of what goes on at the productivity frontier, THE industrial revolution, and as we know, any regression can fit a single data point.

I doubt it Phil. The leverage was always there; it was just about willingness to use it, or not.