Richard Tice reacts to spring statement and OBR forecast

       Richard Tice lashed out at the budget watchdog over "completely delusional" growth forecasts. The Reform UK deputy leader said he thought the Office for Budget Responsibility (OBR) had been "eating some form of magic mushrooms".

       It comes after Rachel Reeves delivered her Spring statement and the OBR slashed growth forecasts in half for this year but raised upgraded them for the four years from 2026. Mr Tice told LBC: "These numbers are completely delusional. I think the OBR has been eating some form of magic mushrooms because although they've halved the growth forecast for 2025 they've suddenly dreamt up extra growth from what they were forecasting back in October for the remaining years of the Parliament.

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       Reform UK deputy leader Richard Tice (Image: LBC)

       "It's completely delusional when everything this Government has done in terms of increasing taxes, increasing regulations, will destroy growth.

       "We're already seeing the consequences of it. I'm aghast at what's gone on here.

       "There's one summary word for this: delusional."

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       The OBR said today that it expects UK gross domestic product (GDP) to rise by 1% in 2025.

       But the fiscal watchdog upgraded the growth forecasts it previously set in October last year for the four years from 2026.

       It now expects the economy to grow by 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.

       The fresh predictions came as Chancellor Rachel Reeves unveiled her spring statement in the Commons.