London Daily

Focus on the big picture.
Wednesday, Feb 25, 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
Lord Mandelson Condemns Arrest as Driven by ‘Baseless Suggestion’ He Would Flee Abroad
Former UK Ambassador Released on Bail Following Arrest in Epstein-Linked Investigation
UK Parliament Orders Release of Former Prince Andrew’s Government Vetting Files
Reddit Fined £14 Million by UK Regulator Over Failures in Age Verification Controls
UK Moves to Tighten Regulation of Netflix, Disney+ and Prime Video Under New Media Rules
British Woman Who Reported Rape in Hong Kong Faces Possible Prosecution
'Christianity is the religion that has made this country great.'
Man Receives Parking Ticket 38 Years After Offense: ‘City Officials Said It’s Legitimate’
Woman Receives Gift Card for Christmas – Discovers It Is ‘Worth’ 63,000,000,000,000,000 Pounds
UK Sanctions New Zealand Insurer Maritime Mutual Following Allegations Over Russian Oil Cover
Reform MP Danny Kruger Condemns UK’s ‘Unregulated Sexual Economy’ in Call for Tougher Controls
The Show Must Go On: Prince William and Kate Middleton Shine at the BAFTAs Amid Andrew’s Arrest
UK Sanctions Russian ‘Illicit Oil Traders’ After Email Blunder Exposes Sanctions Evasion Network
Russia Amplifies Baseless Claims That UK and France Plan to Arm Ukraine with Nuclear Weapons
UK Imposes Sanctions on Two Georgian Television Channels Over Alleged Russian Disinformation
United States National Parks See Noticeable Drop in Visitors from Canada, U.K. and Australia
UK, Australia, Canada and New Zealand Escalate Sanctions on Russia as Ukraine War Marks Four Years
I Gave Andrew a Nude Massage Inside Buckingham Palace
UK Economy Faces Acute Strain as Trump’s Global Tariff Reshapes Trade Landscape
UK Signals Retaliation Is Possible as New US Tariff Policy Threatens Trade Stability
British Police Arrest Former Ambassador Peter Mandelson in Epstein-Related Misconduct Probe
Australia Officially Supports Proposal to Remove Andrew Mountbatten-Windsor from Royal Succession
Victorian Premier Jacinta Allan remains silent on ISIS brides' resettlement plans in Melbourne
Former UK Ambassador Peter Mandelson Arrested in Connection with Jeffrey Epstein
Jacob Rees Mogg afraid to talk about Peter Mandelson arrest on “suspicion of misconduct in a public office” (Pedophilia, corruption, etc.)
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
President Trump warns countries against abandoning recent trade deals with the US
Diverging Polls Show Mixed Signals on UK Economic Revival as Confidence Remains Fragile
Spotify Expands AI-Driven ‘Prompted Playlists’ Feature to the United Kingdom and Other Markets
Greens and Reform UK Surge in Manchester By-Election, Threatening Labour’s Historic Stronghold
UK Businesses Push for Closer European Trade Links Amid Renewed US Tariff Uncertainty
Deloitte Global Overhaul Sparks Leadership Contest in the United Kingdom
University of Kentucky and Microsoft to Showcase Campus-Wide AI Innovation
UK Food System Faces Acute Vulnerability to Shocks, Experts Warn
Reform UK’s Proposed ICE-Style Deportation Scheme Triggers Sharp Backlash
U.S. Global Tariff Push Leaves Britain, Australia and Others Facing Higher Costs and Trade Strain
UK Police Officers Guarded 2010 Epstein Dinner Attended by Prince Andrew, Reports Say
US Trade Representative Affirms Commitment to Existing Tariff Agreements with UK and Other Partners
Activists at the Louvre hung a framed Reuters photograph of Andrew Mountbatten-Windsor slumped in the back of a car leaving a police station on the day of his arrest
The royal biographer said that he expected the police to 'look at the money trail' - including Sarah Ferguson borrowing money from Epstein
A Protestor screams in NYC: “Bill Gates is on the Epstein’s List…”
FBI and Secret Service Hold Press Conference After Shooting Incident at Mar-a-Lago
Mark Zuckerberg Testifies in Trial Over Social Media's Impact on Children's Mental Health
Maggie Oliver exposes Keir Starmer using letters to close child rapists investigations
Kouri Richie's wrote a children’s book to help her sons grieve the death of their father. Now she’ll stand trial for his murder
New York Braces for Major Snowstorm With Up to 18 Inches Forecast and Blizzard Warnings Issued
Mexican Military Kills CJNG Leader Nemesio Oseguera Cervantes as Violence Erupts Across Jalisco
Metropolitan Police Deploys Palantir-Powered AI to Flag Potential Officer Misconduct
UK Parliament Rebukes Police Over Ban on Israeli Football Fans
×