Office for Budget Responsibility Forecasts

Steve Race Excerpts

Monday 1st December 2025 Commons Chamber

[James Murray]

I do not quite understand the hon. Lady’s question. When we got into office in July last year, our task was to fix the mess of the public finances that the Conservatives had left. At this Budget, the OBR’s productivity downgrade revealed further damage—deep scars—that her Government’s actions caused to our economy as a result of slashing public investment and mishandling Brexit, so if anyone wants to come to this Chamber and apologise, might it be her?

[Steve Race (Exeter) (Lab)]

First, I express my concern about the findings of the leak report, which are completely unacceptable, especially as they are apparently so systemic. The OBR productivity downgrade reduced revenues by £16 billion. Why does my right hon. Friend think productivity growth has, since 2010, so consistently underperformed against forecasts—and in other countries too?

[James Murray]

I thank my hon. Friend for his question on the OBR productivity downgrade, which has clearly played a really important and difficult role in this Budget process. What the OBR’s review of productivity made clear is that under the previous Government the decision to cut public services and cut public investment, and the mishandling of Brexit, left deep scars on our economy. Those are deep scars that we had to take decisions at this Budget to correct.