Author: Will Hutton

The Office for Budget Responsibility’s extreme conservatism means it has woefully underestimated the impact of Labour’s public spending plansThere is a consensus among economists that a precondition for higher growth is higher levels of investment, and that one of the most certain ways of lifting investment levels is for the state to provide a lead.Whether European growth in the 1950s, Japan’s astounding national income-doubling plan in the 1960s or the dynamic growth of the Asian tigers in the 1970s and 80s, it has been the same story of higher public investment triggering a step change in economic growth. In the US,…