OBR has finally admitted the UK's productivity hasn't bounced back | Phillip Inman

The forecaster's wishful thinking has led to an 18bn shortfall in Philip Hammond's funds to soften the Brexit transition

There is a moment when gamblers realise that betting on the same horse after a string of losses is hopeless.

That moment has arrived at the Office for Budget Responsibility (OBR) after officials at the government's economic forecaster finally gave up betting that Britain's labour productivity was about to race to the head of the international pack.

Related: UK productivity estimates must be 'significantly' lowered, admits OBR