Liz Truss and Kwasi Kwarteng will meet the head of the Office for Budget Responsibility today following a week of market turmoil.
The Prime Minister and Chancellor will discuss the fallout from last week’s mini-budget, in wake of the OBR’s offer to prepare a forecast before the ‘fiscal event’, which was not taken up.
In an unusual move, both Truss and Kwarteng will meet the OBR, as the government prepares to lay down its fiscal plans.
This comes after the mini-budget sent markets into a tailspin with the Pound plummeting to a 37-year record low last Friday. The Bank of England was forced to intervene this week, being tens-of-billions pounds-worth of bonds, in a bid to reassure the market.
It has been reported a number of MPs urged the forecast to be released “immediately”, while a Treasury Select Committee said in report before the budget had impacted market confidence.
In a heated interview on BBC Breakfast this morning, Financial Secretary to the Treasury Andrew Griffith said: “I think a meeting between the prime minister, the chancellor and the OBR shows the importance of getting that forecast right, and it’s a very welcome thing to see.”
He said Kwarteng asked the OBR to report back by 23 November, the day of the government’s next financial statement.
Chair of the Treasury Select Committee, Conservative MP Mel Stride, called for the statement to be brought forward due to “the continued uncertainty within markets”.
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