Labour has promised to hand increased powers to the UK’s economic watchdog if it wins the next general election.
Liz Truss’s mini-budget, with no Office for Budget Responsibility (OBR) analysis, a year ago, led to market chaos and a fall in the pound’s value.
Under Labour’s plan, the OBR would be free to publish forecasts and analysis alongside any tax and spending changes.
Under Labour’s plan, the OBR would be free to publish forecasts and analysis alongside any tax and spending changes.
“Huge damage was done to our economy and we’re still paying the price. That can never be allowed to happen again. So this is a pragmatic, sensible measure,” the Labour leader added.
Speaking at the London Stock Exchange, he said businesses also wanted “stability… not chopping and changing”.
Shadow chancellor Rachel Reeves told the BBC that, under Labour, all major tax and spending decisions would by law be announced in November, to reduce uncertainty for businesses and families.
Currently the government typically sets out budgets in the spring, followed by an autumn statement which can also contain significant measures.
Labour has promised to hand increased powers to the UK’s economic watchdog if it wins the next general election.
Under Labour’s plan, the OBR would be free to publish forecasts and analysis alongside any tax and spending changes.
Liz Truss’s mini-budget, with no Office for Budget Responsibility (OBR) analysis, a year ago, led to market chaos and a fall in the pound’s value.
“Huge damage was done to our economy and we’re still paying the price. That can never be allowed to happen again. So this is a pragmatic, sensible measure,” the Labour leader added.
Under Labour’s plan, the OBR would be free to publish forecasts and analysis alongside any tax and spending changes.
Under Labour’s plan, the OBR would be free to publish forecasts and analysis alongside any tax and spending changes.
“Huge damage was done to our economy and we’re still paying the price. That can never be allowed to happen again. So this is a pragmatic, sensible measure,” the Labour leader added.
Speaking at the London Stock Exchange, he said businesses also wanted “stability… not chopping and changing”.
Shadow chancellor Rachel Reeves told the BBC that, under Labour, all major tax and spending decisions would by law be announced in November, to reduce uncertainty for businesses and families.
Currently the government typically sets out budgets in the spring, followed by an autumn statement which can also contain significant measures.
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