The assessment by Andy King, below, a former Office for Budget Responsibilty member, came as it was revealed the Treasury may have broken the law.
It failed to disclose a £9.5bn black hole which the Labour government inherited, MPs were told.
OBR head Richard Hughes said this led to a "systemic failure" in forecasts it published alongside the Budget in March.
Labour claims the Tory black hole grew to £22bn due to unfunded policies, the impacts of inflation and public sector pay settlements.
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