The Treasury has announced it will revise down economic reality to a range of between 0.3% and 0.5%, after it failed to match Chancellor George Osborne’s projections of growth in the last quarter of 2014.
In its 2014-15 Budget estimates, the Treasury had projected that the economy would grow by 5.8 per cent, but after the real world failed to meet expectations, the Treasury has been forced to revise economic reality downwards to reflect Mr Osborne’s GDP projections.
The news comes just days after Ed Miliband’s Labour Party was put on the back foot by Mr Osborne’s surprise announcement that he would create a massive boost to the UK economy in the run-up to the next election by including Monopoly money in GDP figures.
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