Ministers would be legally bound to consult their official watchdog on major tax and spending changes under Labour plans to prevent a recurrence of Liz Truss’s ill-fated mini-budget.
The Labour leader, Keir Starmer, pledged on Friday to introduce legislation to ensure that the Office for Budget Responsibility (OBR) has the power to independently publish its own impact assessment.
Labour announced the plan, if it wins a general election, before the first anniversary of Truss and her chancellor Kwasi Kwarteng’s £45bn spree of unfunded tax cuts.
Labour has promised to amend the rules so the OBR would be able to publish independently the impact of any major fiscal event making permanent tax and spending changes.
Boris Johnson also considered not going to the OBR before the first budget of his premiership, but this was rejected by his then-chancellor, Sajid Javid, according to a book by the Telegraph’s political editor, Ben Riley-Smith.
The party also said it would set out a fixed timetable for annual autumn budgets, followed by a spring update in early March, to give families and businesses time to prepare for changes.
The original article contains 377 words, the summary contains 183 words. Saved 51%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Ministers would be legally bound to consult their official watchdog on major tax and spending changes under Labour plans to prevent a recurrence of Liz Truss’s ill-fated mini-budget.
The Labour leader, Keir Starmer, pledged on Friday to introduce legislation to ensure that the Office for Budget Responsibility (OBR) has the power to independently publish its own impact assessment.
Labour announced the plan, if it wins a general election, before the first anniversary of Truss and her chancellor Kwasi Kwarteng’s £45bn spree of unfunded tax cuts.
Labour has promised to amend the rules so the OBR would be able to publish independently the impact of any major fiscal event making permanent tax and spending changes.
Boris Johnson also considered not going to the OBR before the first budget of his premiership, but this was rejected by his then-chancellor, Sajid Javid, according to a book by the Telegraph’s political editor, Ben Riley-Smith.
The party also said it would set out a fixed timetable for annual autumn budgets, followed by a spring update in early March, to give families and businesses time to prepare for changes.
The original article contains 377 words, the summary contains 183 words. Saved 51%. I’m a bot and I’m open source!