Just when we thought the economic news couldn’t get worse, up pops the Office for Budget Responsibility to remind us that it will. Once a year, the Treasury’s official – but independent – forecaster is charged with assessing Britain’s long term economic health. Like last year, the Fiscal Sustainability Report leaves readers feeling decidedly unwell. . .
There was one area that the Government could look to for help, though. Immigrants. Scrapping the effective zero net migration target could help plug the black hole, the OBR showed. If immigration remained at levels seen in the last decade, it would deliver a £40bn boost to the public finances – largely because immigrants come after they are educated and return home at some point.