Business Maverick
Senior Tory Urges UK to Release Independent Budget View Faster
The UK government’s fiscal watchdog can produce its full forecast by the end of October, Treasury Select Committee Chairman Mel Stride said, urging ministers to release it three weeks earlier than planned.
In an attempt to quell market nerves following an unfunded package of tax cuts last week, Kwarteng has promised to deliver a medium-term fiscal plan on Nov. 23 alongside the OBR forecast. But Stride said the government should publish the forecast as soon as the end of October.
Stride, a member of the ruling Conservative Party whose committee is tasked with scrutinizing the work of the Treasury, said the Bank of England needs the forecast ahead of its decision on interest rates in early November.
Kwarteng and Prime Minister Liz Truss are under intense pressure after the central bank was forced to intervene to prevent a crash in the gilt market following the announcement of the government’s fiscal package on Friday. They’ve both said they will stick to their plan.
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