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Hunt on course to miss fiscal targets despite £55bn of tightening, Deutsche Bank bet

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By Jack Barnett Chancellor Jeremy Hunt is on course to miss his fiscal goals due to a weaker growth outlook than forecast by the UK’s budget watchdog, an investment bank has said. According to Sanjay Raja, senior economist at Deutsche Bank, the Office for Budget Responsibility’s (OBR) GDP growth forecasts are too optimistic. Last week, the OBR said the economy is in a recession right now and will shrink 1.4 per cent next year. However, growth will rebound sharply after 2024, with the economy expanding over two per cent each year until 2027. The swing from contraction to expansion is based on r…

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