London Daily

Focus on the big picture.
Thursday, Sep 10, 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
Buckingham Palace Says Prince Harry and Meghan Will Not Resume Official Royal Duties
UK Treasury Faces Calls to Scrap £100,000 Childcare Support Threshold
Trades Union Congress Urges Labour Government to Rewrite Migration Policy
Riot Police Deployed After Anti-Migrant Protests Turn Violent in Portsmouth
UK Considers Replacing Some Disability Cash Payments With Direct Services
JPMorgan’s Jamie Dimon Warns UK Chancellor Against Higher Banking Taxes
UK Announces New Sanctions Targeting Israeli Settlements in West Bank
Metropolitan Police Investigate Alleged Illegal Donations to Reform UK
UK Charges Wiltshire Man With Assisting Russian Intelligence
UK Orders Urgent Review After Air Traffic Failure Cancels More Than 2,000 Flights
Merz Rebukes AfD Expansion in Saxony-Anhalt
King Charles Confirms Prince Harry and Meghan Will Remain Private Citizens
Labour Selects Former Child Refugee for By-Election in Keir Starmer’s Former Seat
Foreign Private Equity Accelerates Takeovers of London-Listed Industrial Companies
NHS Maternity Care Faces Scrutiny Over Support for Mothers After Caesarean Births
BBC Warns Staff Strikes Are Likely Amid Job Cuts and Programme Cancellations
English Housing Affordability Improves to Best Level in More Than a Decade
UK Health Commission Proposes Framework for Wider AI Adoption Across NHS
Labour Faces Pressure for Wealth Tax Ahead of Autumn Budget
Metropolitan Police Open Criminal Investigation Into Alleged Foreign Donations to Reform UK
UK Police Deploy Riot Officers After Anti-Immigration Unrest in Portsmouth and Dover
UK Defends Sanctions on Israeli Settlements Despite Diplomatic Retaliation
UK Air Traffic Control Failure Cancels More Than 1,000 Flights and Disrupts 65,000 Passengers
Compass Urges £10 Million Wealth Tax and Public Ownership Ahead of UK Autumn Budget
UK Government’s Devolution Plans Face House of Lords Scrutiny
Maldives Seeks New Chagos Sovereignty Talks With UK Prime Minister Andy Burnham
UK Airports Face Continuing Disruption After National Air Traffic Control Failure
UK Bans Imports From Israeli Settlements and Expands Sanctions on Iran
British Chambers of Commerce Forecasts UK Growth of 1% as Investment Remains Weak
UK Suspends Local Government Reorganisation Decisions and Cancels Planned Shadow Authority Polls
UK Parliament Opens Inquiry Into Gaps in Climate Change Preparedness
Andy Burnham and Xi Jinping Hold Talks on Trade, Security and British Consular Cases
UK Joins France, Canada and Other Nations in Measures Against Israeli West Bank Settlements
UK Announces New Sanctions Targeting Iranian Nuclear and Military Networks
British Chambers of Commerce Calls for Business Rate Reform and Productivity Support
UK Farmers Warn Dry Summer Could Reduce Crop Yields and Push Up Food Prices
UK Rail Networks Hit by Widespread Delays After Major Signalling Failures
Matt Clifford Resigns as ARIA Chair After Conflict-of-Interest Scrutiny
UK and France Say Joint Border Operations Have Prevented More Than 48,000 Irregular Channel Crossings
UK Core Inflation Remains Above Expectations as Utility and Commodity Costs Stay Elevated
Jaguar Land Rover Considers Up to 4,000 UK Job Cuts Amid Automotive Industry Pressure
UK Government Pauses Local Authority Reorganisation for Legal Review
UK Public Borrowing Reaches £1.8 Billion in July, Adding Pressure Before Autumn Budget
Chancellor John Healey Puts Regional Devolution and Fiscal Discipline at Heart of UK Growth Plan
Counter-Terrorism Police Lead Salford Investigation After Two Teenagers Charged
UK Rejects Financial Reparations for Transatlantic Slavery
UK and Egypt Step Up Diplomacy Over Escalating West Bank Tensions
UK Pauses Council Reorganisation Across Four English Counties
Jaguar Land Rover Plans 4,000 Job Cuts in Major UK Restructuring
UK Unveils Planning and Regulatory Overhaul to Speed Infrastructure and Economic Growth
×