Most commentators are going on about the £23bn extra spending the Chancellor has proposed based on the spin lines out of the OBR and Treasury.
I look at the actual figures in the Green book compared to the March Budget figures. These show that total managed expenditure will be £46.1bn higher over the rest of this Parliament on the new numbers. The figures are
Total Managed Spending 2016-17 plus £6.9bn
2017-18 plus £12.4bn
2018-19 plus £13.5bn
2019-20 plus £13.3bn
The largest part of this is increased capital spending. In 2019-20 for example total capital spending is up by £8.3bn.
I see I am not the only one who thinks the 2017 forecast for growth is too low. The question for the OBR is why do they think consumption and output are going to decelerate next year, after a strong performance this year which surprised them and forced them and the Bank to increase their estimates?