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TREASURY NEEDS TO RESTORE REPUTATION AFTER BUDGET FORECAST SCEPTICISM

12.00.00am BST (GMT +0100) Fri 16th May 2003

Commenting on the Treasury Select Committee report on the Budget published today, Norman Lamb MP, Liberal Democrat member of the Treasury Select Committee, said:

"There is an overwhelming case for an independent review of Treasury forecasting. The Chancellor's latest Budget was greeted with widespread scepticism, especially the forecasting methods."

"A technical review of forecasting procedures, such as undertaken within the Bank of England, would give Treasury forecasts greater credibility.

"But only continuous and vigorous assessment by the National Audit Office will fully restore the Treasury's reputation."

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