London Daily

Focus on the big picture.
Sunday, Sep 20, 2026

Mini-budget: PM to meet head of OBR following market turmoil

Mini-budget: PM to meet head of OBR following market turmoil

The prime minister will meet the head of Britain's independent forecaster on Friday after days of market turmoil.

In an unusual move, Liz Truss and Chancellor Kwasi Kwarteng will meet the chairman of the Office of Budget Responsibility's (OBR) to discuss the fallout after Friday's mini-budget.

The watchdog offered to prepare a draft forecast in time for the mini-budget but it was not taken up.

A group of MPs has called for the forecast to be released "immediately".

The Treasury Select Committee said the lack of this forecast before last Friday's mini-budget had "in some part driven the lack of confidence in the markets".

News of the meeting with OBR chairman Richard Hughes came as a new poll gave Labour a 33 percentage point lead over the Tories.

Government sources have dismissed suggestions the talks with the independent forecaster, announced late on Thursday and first reported by the Guardian, amounted to an "emergency meeting".

It is understood the forecast process will be discussed, as well as economic and fiscal developments since March.

Earlier on Thursday, the prime minister and chancellor defended their policy after a dramatic week that saw the pound slump against the dollar and the Bank of England forced to step in and take action.

Forecasts of the UK's economic outlook by the OBR are usually published when the government makes major financial announcements, for example on Budget day.

In the letter on Thursday, Conservative MP Mel Stride - who chairs the cross-party Treasury Select Committee said the lack of an OBR forecast had left some people with the impression the government was trying to avoid scrutiny.

He said the next forecast should be brought forward, and that the chancellor's next planned financial statement on 23 November should also be moved forward "to as early a date as possible", given "the continued uncertainty within markets".

The OBR publicly confirmed on Thursday that it had sent the chancellor a forecast when he took office in September - and also offered to update it in line with any planned government announcements but was not commissioned to do so.

The intervention from the committee comes after the prime minister spoke to a number of BBC outlets this morning, which saw her insist the tax cuts outlined in the mini-budget were the "right plan".

Forecasts from the independent OBR give an indication of the health of the nation's finances and there have been calls for a forecast to be published in the last week.

In defending his policies to Conservative MPs, Mr Kwarteng said they were needed to stop a collapse in consumer spending - and that he was working at pace to show markets he had a "clear plan".

He pledged that reforms "on childcare, business regulations, financial services, agriculture and more" would be set out in the next six weeks.

The message on WhatsApp contained a list of "talking points" to defend the government's handling of the economy, including that the "government needed to act urgently".

Since it was announced at the end of last week the mini-budget has faced widespread criticism, with the International Monetary Fund and former Bank of England governor Mark Carney disparaging the plan.

On Tuesday the Bank of England said it would buy up to £65bn worth of government bonds to prevent the collapse of some pension funds.

Across all polls Labour have opened up an average 19.5% lead over the Conservatives since Ms Truss became prime minister three weeks ago.

A new poll, by YouGov for The Times and carried out on Wednesday, found Labour had a 33-point lead.


Listen to key moments from the prime minister's eight morning interviews

On mini-budget: "We had to take decisive action"


Newsletter

Related Articles

0:00
0:00
Close
Addison Lee Founder Loses £20 Million UK Tax Tribunal Case
BrewDog Creditors Face Losses on About £190 Million of Debt
Harrods Seeks to Recover Abuse Compensation Costs From Mohamed Al Fayed’s Estate
Ed Davey Targets Reform UK as Liberal Democrat Conference Opens
Great Britain Retail Sales Rise 0.5% in August
NHS England Approves Life-Extending Treatment for Incurable Breast Cancer
Proposals to Limit NHS ADHD Diagnoses Draw Criticism From Patient Groups
Resolution Foundation Warns of Housing Cost Crunch for Low-Income UK Families
BBC Cash Reserves Fall to Decade Low as Annual Deficit Reaches £121 Million
Millisecond Software Error Triggered Major UK Air Traffic Control Disruption
Twenty Women Underwent Unnecessary Mastectomies During NHS Cancer Care
Sensitive UK Police Data Found Vulnerable to Access by Foreign Actors
British Steel Faces Renewed Pressure for a Long-Term Financial Plan
MPs Urge Government to End Thames Water Restructuring Talks With U.S. Hedge Funds
Andy Burnham Warns of Difficult UK Budget Choices as Inflation Returns to 3.1%
England Tightens School Food Standards With Restrictions on Deep-Fried and High-Sugar Foods
Oxfordshire Village Votes Symbolically to Leave UK Over Proposed Asylum Centre
Michael Marra Elected Leader of Scottish Labour
BBC Cash Reserves Fall Sharply as Financial Pressures Mount
George Osborne Calls for UK to Rejoin EU Customs Union
UK Explores Joining Canada-Led Global Defence Bank
Thirlwall Inquiry Highlights Management Failures Surrounding Lucy Letby Crimes
Parliamentary Committee Calls for New UK Law to Address AI Risks to Human Rights
UK Considers Giving Regional Mayors Greater Oversight of Water Companies
UK Opposition Presses Burnham for Stronger Response to Russian Security Threats
Reform UK Faces Scrutiny Over £72 Million in Donations as Political Finance Rules Tighten
Millisecond Software Failure Behind UK Air-Traffic Outage That Cancelled More Than 2,000 Flights
Bank of England Holds Interest Rate at 3.75% as Energy Prices Complicate Inflation Outlook
Burnham Warns of Difficult Choices in October Budget as UK Inflation Rises to 3.1%
Addison Lee Founder Loses £20.5 Million Non-Domicile Tax Case
BrewDog Creditors Face Heavy Losses After Collapse
Thirteenth Metropolitan Police Officer Dismissed Over Charing Cross Conduct
Oxfordshire Village Votes Symbolically to Leave UK Over Asylum Accommodation Plan
NHS Approves Life-Extending Treatment for Women With Incurable Breast Cancer
Software Defect Blamed for Major UK Air Traffic Disruption
Twenty Women Underwent Unnecessary Mastectomies at County Durham NHS Trust
British Steel Costs Taxpayers £1.3 Million a Day as MPs Demand Long-Term Plan
UK Parliament Advances Sovereign Grant Reform Setting Royal Funding at £99.9 Million
King Charles Urges Human-Centred Approach to Artificial Intelligence at Scotland Summit
House of Lords Begins Scrutiny of Voting-Age and Political Finance Reforms
UK Labour Market Shows Growing Divide Between Younger and Older Workers
Nearly Seven in 10 UK Small Businesses Delay or Cancel Growth Plans as Costs Rise
Andy Burnham Reaffirms UK Net-Zero Target Amid North Sea Energy Debate
UK Parliament Demands Credible Financial and Decarbonisation Plan for British Steel
MPs Urge Government to Reject Thames Water Rescue Deal and Prepare Special Administration
Bank of England Holds Rate at 3.75% as Energy Shock Raises Inflation Risks
TUC Calls for Social Energy Tariff Funded by Higher Taxes on Bank Profits
UK Parliament Enters Conference Recess After Advancing Sovereign Grant Legislation
King Charles Hosts Artificial Intelligence Leaders at Dumfries House Summit
Nearly Seven in Ten UK Small Businesses Delay or Cancel Growth Plans as Costs Rise
×