Let's get fiscal: public finances in an era of crisis

Panellists:

• Richard Hughes, Chair, Office for Budget Responsibility
• Chris Curtis MP, Co-Chair, Labour Growth Group
• Dr Linda Yueh CBE, Fellow in Economics, University of Oxford

Low economic growth, followed by the acute global shocks of COVID-19 and an energy crisis, have left the UK public finances in a fragile state, with historically low fiscal room to manoeuvre. ln this context, the new Government has made economic growth its "number one mission". Without it, as the Chancellor says, working people will be worse off, the UK will be left vulnerable to future shocks, and public services will not receive the vital investment needed to meet future demand and catalyse ambitious programmes for reform.

The OBR's outlook will be a key moment for the Government as it reasserts its commitment to fiscal discipline. Yet, while there is rightly a focus on immediate pressures, the long-term picture is just as important. This forecast will be the foundation on which government completes a historic Spending Review, setting the envelope for delivering the five missions and the Plan for Change announced in December.

Re:State was delighted to host this panel event the day after the publication of the OBR outlook with Richard Hughes, Chair, Office for Budget Responsibility, Chris Curtis MP, Co-Chair, Labour Growth Group, and Dr Linda Yueh CBE, Fellow in Economics, University of Oxford, to discuss what the outlook means, and what it will take to secure the public finances and grow the economy.