I was involved in a twitter discussion yesterday about Treasury’s economic predictions and how they tend to be overly rosy, and I wondered if that was the case back when Labour were in power. Or were Treasury growth pessimists under a Labour government?
Well here’s the answer, sourced from the HYEFU stats at Treasury. They are mostly pessimists under Labour and mostly optimists under National. Or, to put it another way: when Labour were in government the economy grew faster than Treasury predicted, and under National it under-performed their forecasts. Not consistently though. How about that forecasting for 2010? Dead accurate!