Economics
Era of Shocks Replaces Great Moderation, U.K. Budget Chief Says
- Fiscal watchdog says war in Ukraine may leave lasting damage
- Hughes says inflation can be a boost to the public finances
Firefighters extinguish a fire in an apartment building in Kyiv on March 15.
Photographer: Aris Messinis/AFP/Getty Images
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The era of easy growth and economic stability is over, with the war in Ukraine confirming that the world is caught in a period of successive shocks, the head of the U.K. government’s forecasting body said.
Richard Hughes, chairman of the Office for Budget Responsibility, said that policy makers have had to accept that uncertainty is the new normal.