Chris pushes for policies to boost UK productivity

The OBR penalises the government for the upfront costs of long term policy making without showing the benefits because their forecast horizon is five years. I bought the former Director of the Congressional Budget Office, Professor Doug Elmendorf, the US equivalent, to the Treasury Committee to testify how US economic policy making has benefited from a ten year forecast horizon to help improve UK policymaking. Policies to boost productivity and innovation, such as R&D, infrastructure or education, can take over five years to fully materialise.