The Daily Telegraph
Publish ‘vital’ fiscal forecasts, MPS urge Chancellor
KWASI KWARTENG is under pressure to publish full economic forecasts alongside Friday’s mini-budget after top MPS said it is “vital” to have independent analysis from the Office for Budget Responsibility.
The Chancellor is understood to have received a draft update from the OBR when he took office, but has chosen not to ask for the economic and fiscal outlook that would normally be published with budgets and spring statements.
Mel Stride, chairman of the Treasury select committee, said the scale of tax and spending changes, including a package of energy support estimated to cost £150bn, means it is “very important” to have the OBR’S predictions.
“There has been a deterioration in
‘We are acting swiftly to set out further plans to kickstart economic growth later this week’
our economic outlook since the last OBR forecast in March,” he said. “There have been significant fiscal interventions since then and we are told there will be further significant interventions including major permanent tax cuts to be announced on Friday. Under these circumstances, it is vital that an independent OBR forecast is provided.”
A Treasury spokesman said the Government is acting quickly, and full analysis will follow at a later date. “Given the exceptional circumstances our country faces, we have moved at immense speed to provide significant energy bill support for households and businesses, and are acting swiftly to set out further plans to kickstart economic growth later this week,” the spokesman said. “We remain committed to maintaining the usual two forecasts in this fiscal year, as is required.”
The OBR has not published any full forecast so far this financial year, suggesting that two will be required in the coming six months.