The director general of the Confederation of British Industry, Rain Newton-Smith, spoke for the nation when she used her speech at the CBI annual conference to tell the government: “If you really believe in economic growth, prove it.” Very shortly, Rachel Reeves will have the opportunity, in her second Budget, to do just that. Hopes, however, are not high.
In what can only be seen as a classic spin operation, somebody has leaked the broad trajectory of the as-yet-unpublished growth forecasts prepared by the independent Office for Budget Responsibility (OBR). These are sent to the Treasury and mapped out in the light of Ms Reeves’s measures. They were due to be revealed with the Budget on Wednesday, and now overshadow it. Hence, getting the bad news out early – massaging expectations.
