Labour embraced the forecaster’s powerful role, but now finds itself scrambling in the face of gloomy projections
For a crew of 50-odd nerds sharing an uninspiring concrete block in Westminster with the Ministry of Justice, the Office for Budget Responsibility has come to wield extraordinary power.
It was the OBR projections of Rachel Reeves’s evaporating headroom that left the chancellor scrambling for welfare cuts in March. And it is the watchdog’s rethink about productivity growth that means the chancellor is sure to deliver a second tax-raising budget on 26 November.
Continue reading…Labour embraced the forecaster’s powerful role, but now finds itself scrambling in the face of gloomy projectionsReeves looks for more headroom in budget to insulate against bond marketFor a crew of 50-odd nerds sharing an uninspiring concrete block in Westminster with the Ministry of Justice, the Office for Budget Responsibility has come to wield extraordinary power.It was the OBR projections of Rachel Reeves’s evaporating headroom that left the chancellor scrambling for welfare cuts in March. And it is the watchdog’s rethink about productivity growth that means the chancellor is sure to deliver a second tax-raising budget on 26 November. Continue reading…
