London Daily

Focus on the big picture.
Friday, Aug 14, 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
UK Condemns Houthi Actions and Warns of Red Sea Threat to Global Trade
UK and Solomon Islands Open Wildlife Photography Exhibition in Honiara
UK Small Businesses Face Continued Cash Flow and Tax Pressures
Greatham Marsh Restoration Restores Tidal Wetland in Hartlepool After More Than 200 Years
UK Health Regulator Urges University Students to Check Meningitis and Measles Vaccination Status
Mining Remediation Authority Completes Major Ground Stabilization Works in Scottish Community
UK Food Crime Investigators Seize 33 Tonnes of Illegal Food in Multi-Agency Operation
Technical Qualification Uptake Hits Record High as Advanced Mathematics Results Improve
UK Summer Temperatures on Course to Challenge Long-Standing Records, Met Office Says
UK Farmers Bring Forward Cereal Harvests as Drought Threatens Yields
Wildfires Surge Across England and Wales as Fire Chiefs Report Record July
UK Nurses Warn of Heat Risks as Hospital Staff Struggle With Extreme Temperatures
Southern Water Seeks Drought Order for Hampshire and Isle of Wight Amid Water Shortages
UK Heatwave Pushes West London Temperature to 38.1 Degrees as Health Alerts Continue
UK Economy Grows 0.4% in Second Quarter Despite Global Uncertainty
China’s Kimi Launches AI-Focused Credit Card With Agricultural Bank of China and American Express
UK Residents Gather to Watch Rare Partial Solar Eclipse
Reform UK Deputy Leader Richard Tice Faces Criticism Over Legal Threat Against Guardian Journalist
Michael Forsyth Elected Speaker of the House of Lords
Cambridge Researchers Launch £20 Million Human Organoid Drug Testing Programme
Heathrow Loses European Passenger Traffic Lead to Istanbul Airport
Households Near New UK Electricity Pylons to Receive £250 Annual Energy Bill Discount
UK Government Estimates Zero-Hours Contract Ban Could Cost Employers Up to £3 Billion a Year
Robert Jenrick Leaves Conservatives for Reform UK in Major Parliamentary Defection
UK Police Chiefs Urge Government to Block Early Release of Andrew Harper Killers
UK Government Holds Emergency Cobra Meeting as Drought and Heatwave Raise Wildfire Risks
Former Labour Adviser Arrested on Suspicion of Spying for China Held Privileged Access as Top Party Donor
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Donald Trump Warns FIFA Against Ousting Gianni Infantino Amid Revolt by Global Football Leaders
Jeff Bezos Joins Investor Group Closing In on $6 Billion Liverpool FC Stake
Police Conduct Cross-Border Raids Against Northern England Drug Network
Nicola Sturgeon Protested at Edinburgh Festival Fringe Event
Major UK Retail Chain Enters Administration With One Hundred Fifty-Four Stores Set to Close
Heathrow Renews Call for Runway Expansion After Losing Europe’s Busiest Airport Ranking
Government Condemns One Million Pound Thames Water Executive Bonus Amid Drought
NHS England Says More Than One Hundred Thousand Hepatitis C Patients Have Been Cured
UK Foreign Secretary Ed Miliband Calls for End to West Bank Settler Violence
UK Prepares for Deepest Partial Solar Eclipse Since Nineteen Ninety-Nine
UK Heatwave Triggers Amber Health Alerts as Economic Losses Reach Four Point Four Billion Pounds
UK Offers Electricity Bill Discounts to Communities Hosting New Power Infrastructure
Bank of England Expected to Hold Interest Rates at Three Point Seven Five Percent
UK Government Moves to Ban Subscription Traps and Misleading Retail Discounts
Andy Burnham Gives Councils New Powers to Block Betting and Vape Shops
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Nicola Sturgeon Says She Has No Contact With Estranged Husband After SNP Embezzlement Case
Police Arrest Two Men After Aberdeenshire Defense Technology Office Break-In
Greater Manchester Councils Gain Powers to Restrict New Vape and Betting Shops
Coroner Finds Treasury Workplace Failures Contributed to Personal Assistant’s Suicide
English and Welsh Courts Ban Meta Smart Glasses Over Recording and Privacy Risks
Strait of Hormuz Disruption Could Double UK Inflation and Trigger Recession, Forecasters Warn
×