Finance minister Jeremy Hunt tried to show that Britain's economy was turning a corner in his budget statement on Wednesday, but his chances of bolstering his Conservative Party's fortunes before the next election look limited.
The Office for Budget Responsibility also said fundamental weaknesses weighing on the economy were still being exacerbated by Brexit which has hit business investment since the 2016 referendum, and by the pandemic which caused half a million people to leave the jobs market, hobbling many firms.
A snap opinion poll suggested voters were sceptical about the Conservatives' latest plan - among 3,100 people surveyed immediately after the budget by YouGov, only three in 10 thought it would be good for the economy.Hunt sought to take a more upbeat approach in his speech to parliament. The OBR said no finance minister since George Osborne created the fiscal watchdog in 2010 had faced a tighter margin for meeting a key fiscal target than Hunt, in his case getting debt as a share of economic output falling in five year's time.
Nonetheless, analysts said Hunt and Sunak were probably intending to relax their grip on the public finances between now and the next election, potentially at the cost of Britain's recently restored fiscal credibility.
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