London Daily

Focus on the big picture.
Friday, Mar 20, 2026

Liz Truss resists calls for earlier tax plans assessment

Liz Truss resists calls for earlier tax plans assessment

Prime Minister Liz Truss is resisting calls to bring forward publication of the independent fiscal watchdog's assessment of her tax plans.

The PM said she was "committed" to publishing the Office for Budget Responsibility forecast on 23 November, the same day the chancellor is due to set out further economic plans.

Some Conservative MPs want this sooner to reassure financial markets.

The Treasury argues it should wait until additional changes are announced.

These "supply side" changes to stimulate growth are expected to include measures in eight areas - business regulation, agriculture, housing and planning, immigration, mobile and broadband, financial services, childcare, and energy.

Last week, Chancellor Kwasi Kwarteng set out some of the government's tax and spending plans - including support for people facing high energy bills and a surprise announcement that it would scrap the 45% highest tax band for high earners.

However, his mini-budget was not accompanied by a forecast from the OBR, something which helped to fuel market turmoil.

In the days following the announcement, the pound slumped against the dollar and the Bank of England was forced to spend £65bn to protect pension funds.

After a meeting between Ms Truss, Mr Kwarteng and the OBR on Friday morning, the government confirmed the rest of its economic plans would be published on 23 November, alongside an OBR forecast.

The Treasury will receive the OBR's first draft on 7 October, but that will not be made public.

Some of Ms Truss's own MPs have raised concerns about the timetable.

Leading members of the Office of Budget Responsibility arriving at 10 Downing Street for a rare meeting with the prime minister


Waveney MP Peter Aldous said the timing of last Friday's plan had been "hopelessly wrong", and the rest of the details should be brought forward to October.

Sir Geoffrey Clifton-Brown said moving the date forward would give international markets and his constituents "reassurance".

Elsewhere Liberal Democrat leader Sir Ed Davey argued that the government, by waiting until 23 November, was allowing the UK economy to "fly blind" for two months.

"Families and businesses can't afford to wait any longer for this government to fix their botched, unfair budget," he said.

Defending the decision not to publish an OBR forecast after the mini-Budget last Friday, Ms Truss said she had wanted to announce support for energy bills quickly and that "in that timescale" there could not be a full OBR forecast.


What is the Office for Budget Responsibility?


The Office for Budget Responsibility (OBR) is the independent watchdog for the government's finances.

It usually produces economic forecasts twice a year, to accompany each autumn budget and spring statement.

It scrutinises government plans, to increase taxes or borrowing for example, and predicts what the likely impact on the overall economy will be.

These forecasts are so important because a strong one gives investors confidence to put money into the UK economy - whereas a weak one is likely to have the opposite effect.

The government can request forecasts from the OBR at any time to get independent advice on big moves.

But it did not take the OBR up on its offer ahead of last week's mini-budget. This is thought to have undermined confidence in the markets.

This led to the pound dropping to its lowest rate against the dollar in 37 years on Monday, before returning to its previous level.

In recent days, the Conservatives have posted some of their worst opinion poll ratings in more than 20 years.

A poll published on Thursday by Survation put the party on 28%, more than 21 points behind Labour, while a separate survey by YouGov put the Tories on 21%, 33 points adrift.

Labour's shadow business secretary Jonathan Reynolds said ministers should "get back to Parliament, revoke the changes, and start again to try and rebuild confidence".

And Conservative MP Martin Vickers urged the prime minister not to scrap the 45p tax rate and the bankers' bonus cap, describing the move as "a political own goal".

However, another Tory backbencher, Andrea Leadsom, said the mini-budget was "unashamedly pro-growth", and that the markets were "wrong to be jittery" about the changes.

Newsletter

Related Articles

0:00
0:00
Close
UK and Nigeria Reach Agreement to Accelerate Return of Irregular Migrants
UK Sets New Aid Priorities Following Significant Budget Reductions
Cyprus President Urges Open Dialogue Over Future of British Sovereign Base Areas
Cyprus President Urges Open Dialogue Over Future of British Sovereign Base Areas
UK Plans 50% Steel Tariffs in Bold Move to Protect Domestic Industry
Iran Conflict Sends Shockwaves Through UK Economy as Energy Costs and Trade Risks Surge
UK Health Officials Warn Kent Meningitis Outbreak Still Active as Cases Continue to Rise
UK Climate Progress Faces Scrutiny Over Reliance on Carbon Accounting Methods
UK Deploys Advisers to United States to Shape Plan for Reopening Strait of Hormuz
Amazon Bets on AI-Driven Alexa Upgrade to Revive UK Smart Speaker Market
UK Abortion Law Changes Spark Strong Response from Church Leaders and Pro-Life Advocates
UK Abortion Law Changes Spark Strong Response from Church Leaders and Pro-Life Advocates
GB News Faces Regulatory Complaints Over On-Air Remarks on ‘Genocide’ Claims
UK Signals Expanded Support for Gulf Allies as Iranian Attacks Intensify Regional Threats
UK VAT Decision Opens Path for Potential Refunds to U.S. Biopharma Firms
UK and Canada Advance ‘Middle Power’ Strategy to Shape Global Influence Beyond Superpowers
Google Explores AI Opt-Out Features in Search to Address UK Regulatory Concerns
Google Explores AI Opt-Out Features in Search to Address UK Regulatory Concerns
UK Fuel Prices Poised to Surge as Global Tensions Drive Oil Market Volatility
UK Fuel Prices Poised to Surge as Global Tensions Drive Oil Market Volatility
UK Holds Back on Hormuz Escort Mission While Continuing Talks with Allies
TrumpRx Pricing Platform Faces Scrutiny as Some Medicines Remain Costlier Than in the UK
UK, Netherlands and Finland Explore Joint Defence Investment Bank to Boost Military Capability
Deadly Meningitis Outbreak in Kent Raises Alarm as Cases Surge and Emergency Response Expands
UK Security Adviser Viewed US-Iran Nuclear Deal as Within Reach Before Sudden Escalation
UK Prime Minister Urges Continued Focus on Ukraine Amid Escalating Iran Conflict
UK Introduces New Safeguards to Shield Lenders from Bank Run Risks
UK Promotional Products Market Surpasses £1.3 Billion as Demand Strengthens in 2025
Reeves Pushes for Deeper UK-EU Economic Ties to Revive Growth
UK Security Adviser Saw No Imminent Iranian Nuclear Threat Days Before War Erupted
France Signals Warm Welcome for UK Return to EU Single Market Amid Renewed Cooperation Talks
UK Defence Official Criticises Boeing Over Delays to E-7 Wedgetail Programme
UK Urged to Secure Quantum Talent as Minister Warns Against Repeating AI Setbacks
UK Mayors Set to Gain New Spending Powers Under Reeves’ Fiscal Devolution Plan
Western Allies Urge Restraint as Israel Weighs Expanded Ground Operation in Lebanon
Trump Warns NATO Faces ‘Very Bad’ Future Without Stronger Allied Support in Iran Conflict
UK Minister Says Britain Not Bound to Support Every Demand From U.S. President
Starmer Tells Trump Britain Will Not Be Drawn Into Wider Iran War
Starmer Tells Trump Britain Will Not Be Drawn Into Wider Iran War
UK Set to Introduce Steel Tariffs of Up to 50 Percent in New Industrial Strategy
European Governments Decline Trump’s Call to Send Warships to Reopen Strait of Hormuz
Fears Over Iran Conflict Weigh on UK Consumer Confidence
Starmer Says UK Working With Allies on Hormuz Shipping Plan After Trump Raises Pressure
Iran War and Energy Shock Shake Britain’s Economy and Political Debate
Deadly Meningitis Outbreak at UK University Leaves Two Dead and Several Seriously Ill
Deadly Meningitis Outbreak at UK University Leaves Two Dead and Several Seriously Ill
King Charles and Queen Camilla Share Personal Tributes to Their Mothers on UK Mother’s Day
Prince William Honors Princess Diana with Mother’s Day Tribute
UK Economy Stalls in January as Households Cut Back on Eating Out
AI-Generated Singer Becomes Viral Voice for Iranians With New Anthem
×