The UK’s fiscal watchdog did not include the costs of the cladding crisis in its forecast for residential investment.
Sir Charlie Bean, a member of the budget responsibility committee, told MPs that the Office for Budget Responsibility’s economic forecasts, published alongside the Budget last week, had not factored in the impact of costs to remove dangerous cladding.
This is despite housing associations and others stating that they will have to cut investment to meet the costs, which MPs now acknowledge will be nearer £15bn than the £5bn committed by the government.
