Our Gordon is good with statistics. They say there’s lies, damned lies and statistics, and it does sometimes feel as if the greatest number manipulator of them all is Mr Brown. You know the golden rules will never be broken, because if things look tight, the rules will be changed – but in a way which suggests we all misunderstood them in the first place.
Then there’s economic growth – Treasury forecasts seem to come under criticism from a bewildering array of economists, think tanks and analysts.
But, Mr Brown hides behind complexity – to show that actually he was right all along.
But, now it’s different. Apparently, the Bank of England, which uses Treasury forecasts when making its rate of interest judgements, is finding the data unreliable. At least that’s what the House of Lords Economic Affairs Committee has said. It reckons growth forecasts have been too optimistic, making the Bank of England’s task even harder than it should be.
But The Treasury has its rebuff. “Fiscal and economic forecasting is complex” it said.
Strange, we thought Gordon was good with complex.
© Investment & Business News 2013