Britain’s Growth Outlook Is “Worst I’ve Ever Seen”, Says Governor Of The Bank of England

Despite a lot of hype in advance of the Autumn Statement about tax cuts, the OBR confirmed that the tax burden will reach a post war high of 38% by 2029. Growth forecasts were equally dire. Essentially, it was a budget for continued economic stagnation. Now the Governor of the Bank of England, Andrew Bailey, has stated that the outlook for economic growth is the "worst I’ve ever seen". As we highlighted in this article, the emphasis in the Autumn Statement should have been firmly upon boosting economic growth, not on continued austerity in which crushingly high levels of taxation continue to throttle the economy.