Lord Livermore (Lab)

I am grateful to the noble Lord for his question. The OBR has upgraded Britain’s growth forecast for this year from 1% to 1.5%, reaching the same conclusion as the IMF, the OECD and the Bank of England, which have already upgraded their growth forecasts. We were the fastest-growing economy in the G7 for the first half of this year, and we are on course to be the second fastest for the year as a whole. He is right that the OBR has looked back at the previous decade and concluded that policies such as austerity and Brexit have weakened the economy more than previously thought, and that assessment then directly impacts its view of GDP for the remainder of the forecast period, but the past does not have to determine the future, and we will go further and faster with our growth mission. We are cutting inflation and cutting borrowing every year of the forecast so that interest rates can keep falling, giving businesses the confidence to invest; we are maintaining public investment to build critical infrastructure; and we are backing our fastest-growing companies. We beat the growth forecasts this year, and we will beat them again.