The Treasury watchdog has brought forward its report on Kwasi Kwarteng’s backfiring budget to next week, following an emergency meeting at No 10.
The Office for Budget Responsibility (OBR) was barred from assessing last week’s tax-slashing package – which has triggered a financial and political crisis.
Following the meeting, the OBR said it will deliver “an initial forecast” next Friday on “economic and fiscal prospects and the impact of the government’s policies”.
The announcement appeared to be a climbdown by Mr Kwarteng, the under-fire chancellor, who refused to allow the OBR to scrutinise his plans to cut taxes by £45bn and pile the cost onto government borrowing.
The gamble spooked the financial markets and created a “material risk” to the UK economy, the Bank of England said – as it was forced to unveil a £65bn rescue package.
Mr Kwarteng announced he would set out his plans to get a grip on borrowing and debt on 23 November, a two-month delay that alarmed investors further.
In a statement, the OBR said: “We discussed the economic and fiscal outlook, and the forecast we are preparing for the chancellor’s medium-term fiscal plan.
“We will deliver the first iteration of that forecast to the chancellor on Friday October 7 and will set out the full timetable up to November 23 next week.
“The forecast will, as always, be based on our independent judgment about economic and fiscal prospects, and the impact of the government’s policies.”
In other words:
The government knew their budget wrecked the markets and are now forced to convince the public and markets their budget makes sense.
Personally, I don’t see this doing them any favours other than them telling us “Trust me bro”
One thing I would like to see is more support or funding for childcare, my wife and I work full time and our childcare is going up. Luckily, our home is efficient and the mortgage is fixed, but any other time I’ll be pulling my hair out.
Watchdog to deliver verdict on budget next week”
Does it take that long to piss on a printout and sign it “love, OBR” ?
its a big bucket, and it takes a lot of shits to fill it
Delivered, but not made public until 23rd November
Next GE: “I’m sorry I can’t hear your anger over the sound of all this money we took! Let Starmer in so we can blame it on him, gotta run byeeeee”
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The Treasury watchdog has brought forward its report on Kwasi Kwarteng’s backfiring budget to next week, following an emergency meeting at No 10.
The Office for Budget Responsibility (OBR) was barred from assessing last week’s tax-slashing package – which has triggered a financial and political crisis.
Following the meeting, the OBR said it will deliver “an initial forecast” next Friday on “economic and fiscal prospects and the impact of the government’s policies”.
The announcement appeared to be a climbdown by Mr Kwarteng, the under-fire chancellor, who refused to allow the OBR to scrutinise his plans to cut taxes by £45bn and pile the cost onto government borrowing.
The gamble spooked the financial markets and created a “material risk” to the UK economy, the Bank of England said – as it was forced to unveil a £65bn rescue package.
Mr Kwarteng announced he would set out his plans to get a grip on borrowing and debt on 23 November, a two-month delay that alarmed investors further.
In a statement, the OBR said: “We discussed the economic and fiscal outlook, and the forecast we are preparing for the chancellor’s medium-term fiscal plan.
“We will deliver the first iteration of that forecast to the chancellor on Friday October 7 and will set out the full timetable up to November 23 next week.
“The forecast will, as always, be based on our independent judgment about economic and fiscal prospects, and the impact of the government’s policies.”
In other words:
The government knew their budget wrecked the markets and are now forced to convince the public and markets their budget makes sense.
Personally, I don’t see this doing them any favours other than them telling us “Trust me bro”
One thing I would like to see is more support or funding for childcare, my wife and I work full time and our childcare is going up. Luckily, our home is efficient and the mortgage is fixed, but any other time I’ll be pulling my hair out.
Watchdog to deliver verdict on budget next week”
Does it take that long to piss on a printout and sign it “love, OBR” ?
its a big bucket, and it takes a lot of shits to fill it
Delivered, but not made public until 23rd November
Next GE: “I’m sorry I can’t hear your anger over the sound of all this money we took! Let Starmer in so we can blame it on him, gotta run byeeeee”