Labour’s claims that higher growth will boost government revenues and bolster the public finances have been called into question by economists who warn that the budgetary outlook is already founded on overly optimistic forecasts.
The UK would need GDP growth rates of around 2 per cent a year for much of the next parliament to generate enough extra tax revenue to avoid steep real-terms cuts to the budgets of unprotected government departments, according to estimates by Capital Economics.
That would exceed the Office for Budget Responsibility’s projections at a time when many analysts say the watchdog is already too optimistic about the UK’s potential growth outlook.
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