Nomadking. You neglected to highlight the "
Relative to GDP" element from the sentence on the GMB site (which is also the ratio / comparator used by the OBR in the section quoted by the GMB on their site).
That is part of the issue.
From the Independent article:
"I don’t dispute that the ratio is widely accepted and more useful to economists, but a deficit/GDP ratio is different to ‘the deficit’ which is measured in pounds,” Mr Nelson wrote. “If you want to talk about the ratio, you need to say so – otherwise the sentence is a porkie."
On the matter of quoting from the OBRs EFO relevant to the Autumn statement I refer you to an earlier post of mine on the matter from December 5th 2014 here:
http://www.cableforum.co.uk/board/35745138-post5.html
"What very few people have picked up on - aside from perhaps the IFS - is the fact that the EFO (Economic and Fiscal Oultook) report from the OBR (Office for Budgetary Responsibility) which Osborne relied upon and used selectively in his Autumn Statement contained the following statement;
"During the week before publication we produced our final forecast, incorporating the third quarter GDP data released by the ONS on 26 November and the final package of policy measures. We were provided with final details of most major policy decisions with a potential impact on the economy forecast on 25 November.
These were incorporated into our final economy forecast. On 28 November, we were provided Economic and fiscal outlook with details of changes to spending plans in 2015 - 16 – and the Treasury’s assumption for total spending growth from 2016-17 onwards – that would have had an effect on our economy forecast had they been provided in time. This has meant that in this EFO unfortunately our economy and fiscal forecasts are not fully consistent."