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"When it was first created in 2010, the Office for Budget Responsibility (OBR) adopted the Treasury view that austerity would have very little impact on potential for economic growth. It predicted a surge in business investment and jobs as if the economy was about to bounce back from a medium-sized recession and not the worst financial crash in a century.
"For several years, its reports repeated the same nonsense that wages would soar and annual inflation return to the Bank of England target of 2%, without any regard for what was obvious from just looking around. In this respect it followed the Treasury, many of the economists in the largest City banks and most importantly, the Bank of England.
"... Unfortunately, a large minority of households, many of them living in the rented sector, are caught in a spiral of unsecured debt that has already sent the total for the UK above £200bn and according to the OBR, send it soaring further, until it reaches a new peak as a ratio of GDP as soon as 2020."
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