Budget watchdog says it is unclear how Jeremy Hunt's spending plans 'add up'
Budget watchdog says it is unclear how Jeremy Hunt's spending plans 'add up'The Bank of England is facing fresh pressure to cut interest rates amid signs that the UK jobs market is cooling after the country slid into recession.
Sir Geoffrey Clifton-Brown, a senior Conservative MP, said the Bank should move to cut rates to boost economic growth, and as mortgage arrears jumped by more than 50 per cent in a year, according to Bank figures.: “The Bank should take these economic indicators into account. Rob Wood, of Pantheon Macroeconomics, said: “We don’t think the surprises are large enough to cause a major change in the Bank’s Monetary Policy Committee guidance at their meeting next week, but the data will give the MPC a little extra confidence that they can cut rates in the summer.
It came as the Budget watchdog said it was unclear Mr Hunt’s spending plans “add up”, amid pressure on politicians to be honest about cuts to public services.set the overall level of Government spending to rise by 1 per cent in real terms a year, which Labour is set to match.
“We know the Government’s plans for national insurance, we know the Government’s plans for energy taxation in five years’ time.
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