The government’s plans were, unusually, not accompanied by forecasts from the Office for Budget Responsibility (OBR), Britain’s independent fiscal watchdog.
A resulting sell-off led the Bank of England to intervene with emergency bond-buying to protect pension funds from partial collapse.
Truss and her finance minister Kwasi Kwarteng met with the OBR on Friday and said they were sticking to a Nov. 23 date for another fiscal statement, when they will publish the OBR forecasts. The OBR said it had offered to produce an analysis for Kwarteng’s Sept. 23 tax-cutting plan but were not commissioned to do so.
Asked if it had been a mistake not to publish a forecast, Truss said: “It was important we acted quickly, in that timescale there couldn’t be a full OBR forecast but we are committed to the OBR forecast.”
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