👉 Ministers are braced for a large rise in net migration as international experts warned Britain’s economy was dependent on easing worker shortages
The OBR has already upgraded its future expectations of net migration, a change which boosts its economic and fiscal forecasts over the coming years.
The Government’s decision to subsidise energy bills for all households for at least 18 months was criticised by the OECD, which said it would drive up inflation and therefore interest rates.untargeted Energy Price Guarantee announced in September 2022 by the Government will increase pressure on already high inflation in the short term, requiring monetary policy to tighten more and raising debt service costs.
“Better targeting of measures to cushion the impact of high energy prices would lower the budgetary cost, better preserve incentives to save energy, and reduce the pressure on demand at a time of high inflation.” Labour’s shadow Treasury minister, Abena Oppong-Asare, accused the Conservatives of failing to lay the groundwork for long-term economic growth. She said: “That Britain’s economy will suffer biggest hit from energy crisis among G7 nations is a direct result 12 years of Tory failures on both our energy and our economic security. They’ve failed to secure our economy and get it growing which has left us exposed to any external shocks.
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