Financial forecast folly and vindication for Michael Gove: Toby Neal on politics
Want to hear a joke? The OBR. That's it.
You're not laughing? You should be. This is from the OBR website saying what it does: "We produce detailed five-year forecasts for the economy and public finances twice a year."
If that's not funny, nothing is. Even the name is a laugh. OBR stands for Office for Budget Responsibility, a grandiose title more suited to something from Soviet-era Russia, or modern Russia come to that.
It was set up by George Osborne in 2010 to give a cover of financial respectability to his austerity measures from an independent body.
I know I've said this many times, but anybody who believes economic forecasts wants their head examining. OBR really stands for Only Bleedin' Rong.
When Michael Gove said there is no such thing as experts, he should have been knighted, not mocked.
