Mel Strid, the committee’s chairman, said the chancellor must ensure the Office for Budget Responsibility (OBR) delivers its assessment at the same time as the new prime minister makes major budget decisions. The Tory MP – who is a supporter of Truss rival Rishi Sunak – said the absence of budget forecasts would mean the new prime minister would be “blindsided” without the public being able to see an independent assessment of the government’s balance sheet. “The OBR’s forecasts provide transparency and reassurance to markets about the health of the country’s finances,” he said. “As a committee, we expect the Treasury to support and allow the OBR to publish an independent forecast at the time of any major fiscal event, especially where, unlike other recent fiscal interventions, this may include significant permanent tax cuts. “Whether such an event is actually called a budget or not is irrelevant. Ensuring independent forecasting is vital in these financially turbulent times. Making significant tax cuts without provision would be misguided.” It was reported at the weekend that the Trust had downgraded the emergency budget planned for mid-September to a more minor fiscal event to deliver tax cuts and present its broader economic outlook. It would therefore not require full OBR forecasts about the state of the economy. However, with inflation expected by Citi to reach 18% and energy bills forecast to exceed £6,000 a year next year, according to Auxilione, there are concerns among some experts that the next Prime Minister will base decisions on outdated tips. if there is no new information from the OBR. Stride asked the chancellor, Nadhim Zahawi, to ensure the OBR was already preparing forecasts of the UK’s fiscal position, as the government would normally give him 10 weeks’ notice of a fiscal event such as a budget. The committee did not specifically mention the Truss campaign. However, Stride told LBC: “At the moment Liz’s camp are saying, I believe, that there will be no OBR forecast at the time and that’s like flying in blind.” Sunak’s campaign has repeatedly called on Truss to “come clean” on how the proposed tax cuts will be funded, including reversing the rise in national insurance, and claimed her plans to borrow to finance the tax cuts are “dangerous”. . Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. He told the BBC: “Liz’s plans promise the land to everyone. I don’t think you can have your cake and eat it too. I don’t think life is that simple, and I think her plan risks making everything worse.” Truss argued that the tax cuts would help grow the UK economy and boost prosperity. A Truss campaign spokesman said: “The cost of living crisis means immediate action is needed. A Truss government will look to act as soon as possible to help people across the UK by cutting taxes and introducing a temporary moratorium on energy levy.”
