However, they said the forecast – which they will receive on October 7 – will not be published until November 23. The government also said it “appreciates” the OBR’s scrutiny. The official reading from the Treasury stated:
This morning the Prime Minister, Liz Truss, and the Chancellor, Kwasi Kwarteng, met the OBR’s budget committee, including the chairman, Richard Hughes, at No 10 Downing Street. They discussed the process for the upcoming economic and fiscal forecasts, to be published on 23 November, and the economic and fiscal outlook. They agreed, as usual, to work closely together throughout the forecasting process and beyond. The Prime Minister and Chancellor have reaffirmed their commitment to the independent OBR and made it clear that they value its scrutiny.
Updated at 12.08 BST Important events Show only key events Please enable JavaScript to use this feature Jamie Grierson It’s been a week since the chancellor, Kwasi Kwarteng, held his ‘fiscal event’, heralding ‘a new approach for a new era’ that left the Daily Mail exclaiming: ‘Finally! A real Tory budget.” The impact of which has been devastating, with even the Tory-backing Economist saying the government’s reckless incompetence may have already damaged it “beyond repair”. Here we look at the key elements that defined one of the worst test periods in history.
£65 billion
The Bank of England launched an emergency £65bn bond-buying program on Wednesday to stem the crisis triggered by Liz Truss and Kwarteng’s development plan, which put entire pension funds at risk of insolvency.
10.6%
The UK retail consortium revealed that food price inflation rose again to 10.6%, compared to an already impressive 9.3% last month.
232
The FTSE 100 is down around 232 points since last Friday as jittery investors began to flee. Read more about Kwasi Kwarteng’s mini budget in numbers here: Just a week ago, this year’s Conservative party conference could have been seen by Liz Truss as an ideal platform to present her vision for Britain after a month in her role as prime minister. Now – with markets in turmoil and the pound at record lows following the government’s mini-budget – the Tory faithful will gather at Birmingham’s International Conference Center from Sunday to Wednesday in very different circumstances. Here’s a cheat sheet from my colleague Ben Quinn, with everything you need to know for next week. Jennifer Rankin EU energy ministers have agreed to impose windfall taxes on energy company profits and cut electricity use, but remain at odds over proposals to cap the price of natural gas. Meeting in Brussels on Friday, the bloc’s 27 energy ministers signed off on proposals to impose a “solidarity levy” on fossil fuel producers who have benefited from rising energy prices. The revenues of renewable and nuclear power companies will be reduced in response to “unexpectedly large financial gains” in recent months, as a result of their profits being linked to the price of expensive gas and coal, according to an EU statement. The measures, which together could raise €140bn (£123bn) to help lower consumer bills and fund the EU-wide green energy transition, at odds with the UK government’s approach . Liz Truss, the UK prime minister, has ruled out extending the £5bn energy tax introduced by former chancellor Rishi Sunak.
Truss will appear on Laura Kuensberg’s BBC show on Sunday
The Prime Minister will be on BBC Sunday with Laura Kuensberg this weekend as the Conservative party conference gets under way, PA Media reported. Liz Truss will be interviewed on the weekend political programme, which starts at 8.30am. The show will also feature shadow chancellor Rachel Reeves. Updated at 13.24 BST The Treasury reiterated that the OBR’s full independent analysis will be published on 23 November. In a tweet, the Treasury said the prime minister and chancellor used their meeting with the OBR to reaffirm “their commitment to the independence of the OBR and made clear that they value its scrutiny”. “The full economic and fiscal forecast will be published on November 23,” the ministry said. Updated at 12.40pm BST The Lib Dems accused ministers of “letting the economy go blind for two months”, PA Media reported. Responding to Liz Truss and Kwasi Kwarteng’s meeting with the OBR, Liberal Democrat leader Ed Davey said: Delaying this prediction means closing the door long after the horse has closed. Liz Truss and Kwasi Kwarteng allow the economy to go blind for two months while their reckless plans cause pension and mortgage misery for millions of Brits. He added: Families and businesses cannot afford to wait any longer for this government to fix their flawed, unfair budget. Truss and Kwarteng must cancel the Conservative conference, recall parliament and propose a new budget now, before more people lose their homes or close their businesses. Updated at 12.41 BST
The Treasury will not publish the OBR forecasts delivered to them on 7 October until 23 November
The Treasury said Liz Truss, Kwasi Kwarteng and the OBR discussed the “economic and fiscal outlook” as well as the process for growth forecasts. However, they said the forecast – which they will receive on October 7 – will not be published until November 23. The government also said it “appreciates” the OBR’s scrutiny. The official reading from the Treasury stated:
This morning the Prime Minister, Liz Truss, and the Chancellor, Kwasi Kwarteng, met the OBR’s budget committee, including the chairman, Richard Hughes, at No 10 Downing Street. They discussed the process for the upcoming economic and fiscal forecasts, to be published on 23 November, and the economic and fiscal outlook. They agreed, as usual, to work closely together throughout the forecasting process and beyond. The Prime Minister and Chancellor have reaffirmed their commitment to the independent OBR and made it clear that they value its scrutiny.
Updated at 12.08 BST
The OBR will deliver the initial forecast to the chancellor next week
Following a meeting with the Prime Minister, Liz Truss, and the Chancellor, Kwasi Kwarteng, the Office for Budget Responsibility confirmed it will present an initial forecast on 7 October. An OBR spokesman said: [The forecast] will, as always, be based on our independent judgment of the economic and fiscal outlook and the impact of government policies. The announcement comes after an emergency 48-minute meeting at 11 Downing Street this morning. They added: We discussed the economic and fiscal outlook and the forecast we are preparing for the chancellor’s medium-term fiscal plan. We will deliver the first iteration of this forecast to the chancellor on Friday 7 October and set out the full timetable by 23 November next week. Updated at 11.32 BST
Members of the OBR’s budget responsibility committee walk out of the Truss meeting after 48 minutes
The three members of the OBR’s budget committee who met the prime minister, Liz Truss, and the chancellor, Kwasi Kwarteng, have now left No 11 Downing Street. PA Media reported that Richard Hughes, Andy King and Professor David Miles left the building at 10:33am. – just 48 minutes after they entered. Make of it what you will. We will keep you updated as news emerges from that meeting. (LR) OBR Chairman Richard Hughes and Budget Committee members Andy King and Professor David Miles leave Downing Street. Photo: Dan Kitwood/Getty Images Updated at 11.34 BST Richard Hughes, Andy King and Professor David Miles – members of the OBR’s budget responsibility committee – entered 11 Downing Street at 9.45am, PA Media reported. More on that as we figure it out. Updated at 11.34 BST
The Chancellor of the Exchequer claims the OBR could not have submitted a report in time
Jamie Grierson A finance minister has hit out at the UK’s independent public finance watchdog, saying it would not be able to produce a forecast for the government’s mini-budget in time. Andrew Griffiths, the finance minister in the Treasury, told broadcasters that the development plan submitted by Prime Minister Liz Truss and Chancellor Kwasi Kwarteng contained “a lot of detail” and repeatedly claimed it was “40 pages”. This means that it would have been impossible for the Office for Budget Responsibility (OBR) to have produced an accurate forecast in time. On Thursday night, the OBR confirmed in a letter to an MP that it could have submitted an assessment in time but was not asked to by the chancellor. Truss and Kwarteng’s decision not to work with the OBR on a £45bn tax cut and £60bn energy support package unveiled last Friday has been widely cited by financial experts as one of the main reasons behind the market turmoil this week. Asked by BBC Breakfast why the OBR was not given the chance to do an assessment of the plan, Griffiths suggested the level of “detail” in the plan made it impossible for the independent watchdog to assess it before the government published it. Updated at 11.35 BST Former chancellor George Osborne said plans by Liz Truss and Quasi Kwarteng to meet the Office for Budget Responsibility on Friday were a “welcome move”. He tweeted: “In the space of a week we went from sacking the OBR to the PM turning up to his meetings. “It turns out that the credibility of the institution we created 12 years ago to bring honesty to public finances is more enduring than that of its critics.” Welcome move from No10 today. In the space of 1 week we went from the OBR being sacked to the Prime Minister showing up to his meetings. Ends up…
