London Daily

Focus on the big picture.
Tuesday, Oct 27, 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
Education or Indoctrination? The Growing Debate Over Religious Participation in British Schools
Germany's Vanishing Shopfronts: The Silent Collapse of the Businesses That Built Its Cities
Transport for London Unveils Expanded Zero-Emission Bus Fleet to Meet Capital Air Quality Targets
Higher Education Institutions Face Deepening Financial Strain Amid Declining International Student Enrolment
Automotive Industry Leaders Criticize Government Tax Policies and Urge Action on Retail Consumer Confidence
Environment Agency Issues Flood Alerts Across Scottish and English Waterways Following Heavy Rainfall
Independent Audit Highlights Persistent Security Vulnerabilities Across Legacy Government Digital Portals
Northern Ireland Political Leaders Clash Over Westminster Funding Allocations Ahead of Autumn Budget
Ethnic Minorities in England Face Significant Disparities in Routine Breast Cancer Diagnosis Rates
National Police Chiefs Report Alarming Surge in Domestic Abuse Cases Fuelled by Expanding Illegal Cocaine Market
Government Announces Two Hundred and Twenty Million Pound Pothole Funding Boost for Local Highway Authorities
China Issues Formal Warning Over Potential United Kingdom Restrictions on Chinese Electric Vehicles
British Defence Ministers Sign E5 Pact to Enhance European Military Capabilities and Industrial Cooperation Within NATO
United Kingdom Business Activity Expands at Fastest Pace in Eight Months According to S&P Global Flash Survey
Chancellor John Healey Prepares Major Devolution Package and Bank Profit Surcharge Ahead of Upcoming Autumn Budget
National Health Service Consultants in England Announce Two-Day Strike Action Scheduled for November
Major Clean-Up Under Way Across Britain Following Destruction Caused by Consecutive Storms Austen and Boelo
KEY TRENDS TO WATCH
Declassified Intelligence Files Reveal British Security Services Monitored National Health Service Founder
British Government Launches Sweeping Regulatory Crackdown on High-Risk Cosmetic Procedures
Scottish National Party Demands Ban on Using Scottish Revenues to Fund English Nuclear Energy Projects
Mayor of London Initiates Landmark Pedestrianisation of Oxford Street to Revitalise Global Retail Hub
British Judges Granted Expanded Legal Powers to Punish Convicted Killers Who Refuse to Attend Sentencing
United Kingdom Poised to Miss Reduced International Aid Spending Targets Ahead of Fiscal Review
Surging Cocaine Consumption Drives Record Drug Fatalities and Rising Crime Rates Across Britain
Department of Health and Social Care Announces One Hundred and Forty Million Pound Boost for Urgent Care
British Services Sector Records Strongest Growth in Eight Months Despite Broader Economic Uncertainty
United Kingdom Retail Sales Suffer Unexpected Decline as Consumer Confidence Plummets
Greater Manchester Mayor Andy Burnham Urges National Debate on Restoring European Union Free Movement
Deep Cabinet Divisions Emerge Over Controversial Approval of North Sea Fossil Fuel Projects
United Kingdom Government Urges Citizens to Stockpile Essential Supplies in National Resilience Pivot
Storm Boelo Kills Two People and Cuts Power to Tens of Thousands Across Great Britain
Critical Software Flaw Forces Dozens of United Kingdom Government Services Offline Amid Mass Security Warnings
UK Consumer Confidence Tumbles Amid Rising Energy Costs and Global Commodity Price Pressures
North Sea Transition Authority Approves Production from Jackdaw Gas Field to Bolster Domestic Energy Security
Storm Boelo Leaves Tens of Thousands of Households Without Power Across Scotland and Northern Ireland
UK Government Launches National Be Ready Campaign Urging Households to Prepare Three Days of Emergency Supplies
Department for Environment Food and Rural Affairs Implements Stricter Water Quality Regulations for British Rivers
Welsh Government Launches Major Renewable Energy Initiative to Expand Offshore Wind Capacity Along the Coast
Northern Ireland Executive Reaches Final Agreement on Comprehensive Regional Infrastructure Modernization Plan
Office for National Statistics Reports Moderate Increase in British Retail Sales Driven by Autumn Discounts
Scottish First Minister Announces Emergency Housing Strategy to Tackle Severe Homelessness Across Urban Centers
Automotive Industry Leaders in the United Kingdom Urge Government Support for Electric Vehicle Manufacturing Transition
United Kingdom and European Union Initiate High-Level Negotiations on Post-Brexit Defense and Security Pact
National Health Service England Introduces Sweeping Digital Reforms to Reduce Hospital Waiting Lists Nationwide
Chancellor of the Exchequer Outlines Emergency Fiscal Measures to Address Local Government Funding Crises Across England
Bank of England Governor Warns of Persistent Inflation Pressures Impacting Interest Rate Decisions in the United Kingdom
UK Conservative Party Suspends Former Electoral Candidate Following Undercover Investigation
Actors and Writers Condemn British Anti Terror Legislation Targeting Activist Groups and Free Speech
Central Bank and Treasury Monitor Inflation Risks as International Monetary Fund Upgrades United Kingdom Growth Forecast
×