Pantheon Macroeconomics
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Below is a list of our U.K. Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
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The OBR’s March forecasts suggest tax cuts equal to 1.0% of GDP are permissible under the fiscal rules.
But since then, the Treasury’s borrowing costs have risen, reducing scope for tax cuts to 0.7% of GDP.
The Tories will be reluctant to ditch the rules, as this would inhibit their ability to criticise Labour’s plans.
Public borrowing in April was in line with the OBR’s forecast, but expect upside surprises later this year.
Mr. Sunak likely will not opt to reduce the main rate of VAT; firms would benefit more than households.
Bringing forward April 2023’s large CPI-linked increase in benefits to October would make the most sense.
At least two MPC members now think Bank Rate does not need to rise any further in the near term.
The MPC’s three-year ahead forecast for inflation, based on market rates, is its lowest for over 13 years.
Markets’ rate expectations fell yesterday, but they still look too high in light of the MPC's new projections.
The estimate of public borrowing in 2021/22 almost certainly will be revised down over the coming months.
But we think public borrowing is on course to overshoot the OBR's forecast in 2022/23 and beyond.
The OBR's assumption that productivity will grow at double the pace seen in the 2010s is implausible.
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