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Kwasi Kwarteng will publish the UK financial watchdog’s independent growth forecasts later this month as he bowed to pressure from the markets.
The Chancellor had said he would make public the Office for Budget Responsibility’s findings on November 23 when he was set to outline his medium-term plan for Britain’s economy.
However, this morning he wrote to the chair of Parliament’s Treasury select committee to confirm he was bringing forward the publication of the forecast and the medium-term plan to October 31.
He said: “Upon my arrival in office, I received preliminary analysis from the OBR, but I have since made significant policy announcements including the Growth Plan.
“It is important that a forecast includes a full and final assessment of the impact of policy measures on the economy and public finances and, as such, it would not be appropriate to publish the initial analysis that the OBR provided.
“The new forecast date on 31 October will allow the OBR to capture data releases, such as the recent Quarterly National Accounts and Blue Book revisions.
“It will allow for a full forecast process to take place to a standard that satisfies the legal requirements of the Charter for Budget Responsibility enacted by Parliament and that also provides an in-depth assessment of the economy and public finances.”
He added that he and the Prime Minister had met with the OBR’s Budget Responsibility Committee on Friday September 20 “to discuss the economic and fiscal outlook, and we will continue to work closely together throughout the forecast process and beyond”.
More to follow…
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