AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Rest Is Money
131. Why The Stats Behind The Budget Might Be Wrong
Jan 20, 2025
Robert Chote, former director of the Office for Budget Responsibility and the current chair of the UK Statistics Authority, discusses the unreliability of the UK's unemployment statistics. He argues for a more courageous fiscal approach rather than strict adherence to rules. Chote dives into the significance of accurate economic data in shaping policy, the challenges of using traditional survey methods versus AI for better insights, and the need for a broader understanding of economic health that transcends mere GDP figures.
49:53
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The podcast emphasizes the unreliability of UK unemployment statistics and the urgent need for the ONS to innovate its data collection methods.
- It critiques the role of the OBR in limiting government policy ambitions by focusing on fiscal rules rather than potential economic growth.
Deep dives
Impact of Economic Forecasting on Government Decisions
The discussion highlights the significant role of the Office for Budget Responsibility (OBR) in shaping government economic decisions. Initially viewed as a dull entity, the OBR has positioned itself at the forefront of political debates, particularly regarding fiscal rules and public finances. When interest rates rise, the OBR must adjust its forecasts, often reflecting a decrease in government borrowing capacity, which could lead to spending cuts or increased taxes. This underscores the delicate balance that governments must navigate between adhering to fiscal rules and responding to economic volatility.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode