Kwasi Kwarteng brings forward fiscal plan to 31 October

Chancellor will also publish OBR forecast earlier than planned in U-turn following mini-budget turmoil
Kwasi Kwarteng at Conservative Party Conference last week Photo: : PA Images/Alamy Stock Photo

By John Johnston

10 Oct 2022

Chancellor Kwasi Kwarteng has brought forward the date he will announce his new fiscal plan and publish economic forecasts, following significant disquiet among MPs.

The government has been under pressure to release forecasts by the Office for Budget Responsibility outlining the impact of the chancellor's major financial intervention announced in last month's mini-budget.

Writing to Treasury Select Committee chair Mel Stride on Monday, Kwarteng confirmed he would bring forward the date from 23 November to 31 October after growing pressure to publish independent analysis of his plans.

"I have previously written to inform you that an economic and fiscal forecast will be published alongside the medium-term fiscal plan on 23 November. I have decided to bring this date forward to 31 October," he wrote.

"This forecast, in addition to the forecast that will be commissioned in spring, will fulfil this obligation for the Office for Budget Responsibility to produce at least two forecasts in a financial year, as is required by legislation."

Kwarteng said the analysis would be published alongside new measures to bring public finances under control, which follow his major tax cutting "Growth Plan" mini-budget announced last month.

But he said the OBR forecasts would be based on his longer term plans, and confirmed that initial forecasts made available when he took up his post would not be made available for scrutiny.

"Upon my arrival in office, I received preliminary analysis from the OBR, but I have since made significant policy announcements including the Growth Plan," he wrote.

"It is important that a forecast includes a full and final assessment of the impact of policy measures on the economy and public finances and, as such, it would not be appropriate to publish the initial analysis that the OBR provided."

Stride said he welcomed the decision which he had "pressed so hard" for and said the details would be "critical to millions of mortgage holders" who could see prices rise as a result of the government's interventions.

John Johnston is a reporter for CSW's sister title PoliticsHome, where this story first appeared

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