Posted 2/1/2024, 9:00:00 PM
Hunt Accused of Economic Gloom Over Halted Tax Cuts
- Hunt had promised tax cuts in the Budget but seems to have backtracked due to pessimistic economic forecasts
- The IMF and other organizations have consistently underestimated the UK's economic growth
- Their predictions are often politically biased and not grounded in the real world
- Overly gloomy forecasts can become self-fulfilling and damage consumer confidence
- The Bank of England failed to foresee high inflation and is reviewing its forecasting record