Analysis: government’s spending watchdog’s report will be worrying reading for the chancellor
The message from the government’s spending watchdog to the Treasury and the Bank of England was stark: emergency action to cope with the biggest contraction in the economy in almost three centuries has consequences, none of them pleasant.
Each year the Office for Budget Responsibility – the independent body set up by the then chancellor George Osborne in 2010 to monitor the state’s finances – publishes a report on the perils ahead.
