The Chancellor’s surprise windfall from the Office for Budget Responsibility (OBR) allowed him to do everything he wanted in last week’s Spending Review and Autumn Statement – and more. Indeed, it is rather peculiar how fiscal policy is being driven by the OBR’s spreadsheet changes. But the Chancellor should be wary – what the OBR gives with one hand in a forecasting round, it can just as easily take away with the other in the next.
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