London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

New PM’s spending plans must face scrutiny, says Treasury committee chair

New PM’s spending plans must face scrutiny, says Treasury committee chair

Mel Stride says OBR must provide fiscal forecasts as Liz Truss urged to ‘come clean’ on promised tax cuts
The chair of the Commons Treasury committee has urged the government’s economic watchdog to produce fiscal forecasts alongside any emergency budget this autumn, after Liz Truss signalled she would try to avoid early scrutiny of her fiscal plans.

Mel Stride, the chair of the committee, said the chancellor must ensure that the Office for Budget Responsibility (OBR) provides its assessment at the same time as the new prime minister makes any big fiscal decisions.

The Tory MP – who is a supporter of Truss’s opponent, Rishi Sunak – said the absence of fiscal forecasts would mean the new prime minister would be “flying blind” without the public being able to see an independent assessment of the government’s balance sheet.

“OBR forecasts provide transparency and reassurance to the markets on the health of the nation’s finances,” he said. “As a committee, we expect the Treasury to be supporting and enabling the OBR to publish an independent forecast at the time of any significant fiscal event, especially where, unlike other recent fiscal interventions, this might include significant permanent tax cuts.

“Whether such an event is actually called a budget or not is immaterial. The reassurance of independent forecasting is vital in these economically turbulent times. To bring in significant tax cuts without a forecast would be ill-advised.”

It was reported over the weekend that Truss had downgraded her emergency budget planned for mid-September to a more minor fiscal event to bring in tax cuts and set out her wider economic outlook. It would therefore not necessitate full OBR forecasts about the state of the economy.

However, with inflation expected by Citi to reach 18%, and energy bills forecast to top £6,000 annually next year, according to Auxilione, there are worries among some experts that the next prime minister will be basing decisions on out-of-date advice if there is no new information from the OBR.

Stride asked the chancellor, Nadhim Zahawi, to ensure the OBR was preparing forecasts of the UK’s fiscal position already, as the government usually gave it 10 weeks’ notice of a fiscal event, such as a budget.

The committee did not mention Truss’s campaign specifically. However, Stride told LBC: “At the moment the Liz camp are saying, I believe, that there will not be any OBR forecast produced at that time and that is kind of like flying blind.”

Sunak’s campaign has repeatedly called on Truss to “come clean” about how her proposed tax cuts, including reversing the rise in national insurance, will be funded and claimed her plans to borrow in order to fund tax cuts are “dangerous”.

He told the BBC: “Liz’s plans are promising the earth to everybody. I don’t think you can have your cake and eat it. I don’t think life is that simple, and I think her plan risks making everything worse.”

Truss has argued that tax cuts will help to grow the UK’s economy and boost prosperity.

A Truss campaign spokesperson said: “The cost of living crisis means immediate action is required. A Truss government would seek to act as soon as possible to help people across the UK, by cutting taxes and introducing a temporary moratorium on energy levies.”
Newsletter

Related Articles

0:00
0:00
Close
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
×