Beating the forecasts: can Britain overcome official projections for weak growth and flat incomes?

Thursday 22 February 2018 Incomes and Inequality

Keynote speech by Shadow Chancellor John McDonnell

The official outlook for the economy is one of slow GDP growth, very weak pay rises and flat household incomes. So it’s no wonder the Chancellor vowed to ‘beat the forecasts’ at the last Autumn Budget.

But how can Britain better the bleak outlook set out by the Office for Budget Responsibility? Aside from a smooth Brexit transition, what domestic policies are needed to bring back strong, shared, sustainable economic growth that feeds through into living standards?

At an event at its Westminster offices, the Resolution Foundation presented findings from its annual Living Standards Outlook before Shadow Chancellor John McDonnell made a keynote speech on how a Labour government would aim to ‘beat the forecasts’ with his economic plan for Britain. A response from Stephanie Flanders, Head of Bloomberg Economics, and an audience Q&A followed.