London, 30 September (.). The UK’s Office of Budget Responsibility (OBR) confirmed this Friday that it will give the head of the economy, Kwasi Kwarting, his preliminary forecast for the country’s economy on October 7, before releasing a full forecast report on November 23.
Following a meeting this morning between British Prime Minister Liz Truss, Quarting and those responsible for the oversight body, the balance sheet office indicated that its forecast would “as always” be based on its “independent judgment on the economic and financial outlook and the impact of government policies”.
The unusual meeting between Truss, Quarting, the head of the balance sheet office, Richard Hughes and other members of the public finance supervisor, was seen as an attempt by the government to reassure markets and voters that a massive tax cut would not weigh them down. country’s economy.
“We talked about the economic and financial outlook and forecasts that we are preparing for the Secretary of State (Karting’s) medium-term financial plan,” the Budget Office said in a brief statement issued after the meeting in Downing. Prime Minister’s Office Street and its official residence.
“We will present the first version of this perspective to the chancellor on Friday, October 7, and next week we will set the full calendar until November 23,” the memo reads.
In another statement issued by the British Treasury in parallel, it was noted that both the government and the regulator “agreed, as usual, to work closely during the forecasting process and beyond”.
“The Prime Minister and Minister of Economy reaffirmed their commitment to the independence of the Office of Internal Audit and made clear that they valued their scrutiny,” the statement said.
Today’s meeting, which lasted nearly 50 minutes, addressed the current context of the turmoil and instability prevailing after the announcement of the growth plan presented by the government last Friday.
In a tax statement, Kwarteng last week detailed the economic development program, which includes massive tax cuts and has led to a public debt crisis and the temporary collapse of the pound.
In that statement, which the British media called “small budgets”, the government, as is customary when announcing the budget in this country, did not provide growth forecasts for the national economy based on the estimates of the Balance Sheet Office, which then surprised.
The IMF urged Truss to reconsider the plan, deeming it insufficient in the event of high inflation; Meanwhile, the Bank of England announced the emergency purchase of emergency sovereign bonds.
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