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<p>The Office for Budget Responsibility (OBR) is the government’s official forecaster.
They published their latest assessment of the economic and fiscal outlook (EFO) on
6<sup>th</sup> March. The OBR noted that the trade weighted sterling effective exchange
rate had strengthened by around 2 per cent since their November 2023 forecast. Inflation
has halved since its peak in October 2022 and was 4.0% in January 2024. In the March
EFO, the OBR note that inflation has fallen more sharply than they expected in November,
and now expect inflation to fall below 2% in Q2 2024 – a year earlier than previously
expected.</p><p>Monetary Policy is the responsibility of the independent Monetary
Policy Committee of the Bank of England. Therefore, it is right the Government does
not comment on the conduct of monetary policy.</p>
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