"The Projections on the other hand are based on long-term averages and unrealistic assumptions. They assume that the economy will return to 'trend' growth, unemployment and inflation. "

Thus, Treasury's forecasting ability (or rather inability) is laid bare. It is high time that it becomes less politicised, hires more staff who have an understanding of the real world, seriously reviews its forecasting models and starts afresh

Yes well, considering our position deteriated by some 20odd billion in some eight weeks, where will we be come election time.

Not where we were eight weeks ago I should imagine!