Liz Truss and Kwasi Kwarteng will meet the head of the UK’s independent fiscal body today.

The talks with the Office for Budget Responsibility come after a week of economic turmoil following last Friday’s mini-budget.

It is highly unusual for the Prime Minister to attend an OBR meeting, but the Treasury denies it is an emergency measure.

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The senior Tory blames the mini-budget for the mess

The news comes hours after an all-party Treasury Select Committee demanded the Chancellor release a full economic forecast from the OBR by the end of October.

He is also being urged to bring forward his medium-term budget from 23 November.

Ms Truss and Mr Kwarteng said they remained committed to their policies – and argued the £45bn tax cut package was the “right plan” for the economy.

No independent OBR forecasts accompanied last week’s mini-budget, but the watchdog said it had prepared a blueprint for the new chancellor on his first day in office.

The lack of that forecast has reportedly caused concern in the city.

Mel Stride, the Conservative chairman of the Treasury Select Committee, said in a letter to the chancellor that it was “difficult to conclude other than that the lack of a forecast has to some extent caused a lack of confidence in the markets”.

He added: “There is an unfortunate impression from some that the government may be seeking to avoid scrutiny, perhaps because it expects the OBR’s forecast to not support the achievement of the economic outcomes the government expects from the Growth Plan, including a trend of 2.5 % of growth in the medium term”.

Mr Kwarteng said the forecast would be published on November 23, but after last Friday’s mini-budget caused economic turmoil, the committee revealed the chancellor would receive the OBR’s original forecast on October 7.

They asked him to publish “immediately” the initial economic and fiscal forecast the OBR gave him when he started work a few weeks ago.

A response from the chancellor is requested no later than Monday.

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Chancellor “sticks to growth plan”

Mr Stride also expressed frustration in his letter that he had forced Mr Kwarteng and his predecessor Nadhim Zahavi to release the OBR’s forecast before the mini-budget, and said the OBR had assured him on August 26 that it could produce a forecast for this term and have already worked on it for a month.

“The OBR was prepared to provide a meaningful forecast alongside the September 23 statement if requested by the Treasury. No such request was received,” said Mr. Stride.

Mr Stride said he was pleased to see the OBR meeting.

“The Prime Minister and Chancellor should use this meeting as a moment to reset – an opportunity to urgently deliver an OBR forecast that contains credible new fiscal rules and a plan that the OBR believes has a good chance of delivering them.

“Then we can all take a deep breath and start moving forward with more confidence.”

Read more:
Kwasi Kwarteng insists the government is ‘protecting people across the UK’
A government minister admits that tax cuts will benefit the wealthiest

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The elder Tory told Sky News’ Daily Podcast earlier on Thursday: “A lot of colleagues are very concerned and I think it’s not surprising at all.

“I mean, I can speak for myself. I am officially saying that if we are not very careful, our position as the party of smart money and economic responsibility, fiscal responsibility, could be in jeopardy. .”

Mr Stride added that he did not believe incompetence was the cause of the current problems and suspected that “some of those involved were a bit surprised at how quickly the markets turned”, but he believed the release of the OBR’s forecast would be key to reassuring markets. “a demonstration of confidence”.

A YouGov poll for The Times shows Labor ahead of the Conservatives by 33 points.

Tory MP Sir Charles Walker has admitted his party will be “destroyed” when an election is called tomorrow and will “cease to exist as a viable political party”.

https://news.sky.com/story/truss-and-kwarteng-to-meet-fiscal-watchdog-tomorrow-after-mps-demand-full-economic-forecast-12707827

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