LONDON, Dec 22 (Reuters) – British finance minister Rachel Reeves has asked the country’s budget watchdog to publish its next economic and public finance forecasts – but not an assessment of her progress on meeting her fiscal targets – on March 3, the government said.
Reeves has asked the independent Office for Budget Responsibility (OBR) to prepare the forecast which will provide an interim view of the economy, the Treasury said on Monday.
In her November budget, Reeves set out plans for the OBR to check if the government is on course to meet its budget rules – including a pledge to balance day-to-day spending with tax revenues by 2030 – once a year instead of twice.
“The government will respond to the March forecast through a statement to parliament, in line with the government’s commitment to deliver one major fiscal event a year at the budget,” the Treasury said.
“This approach gives families and businesses the stability and certainty they need and supports the government’s growth mission,” it said.
Speculation about how Reeves would get the public finances back on target stretched for months in run-up to her annual budget on November 26, damaging confidence among businesses and consumers, according to surveys.
The OBR last month lost its chair Richard Hughes who resigned after an investigation into failures to safeguard budget documents which led to the early release of key details of Reeves’ budget.
Reeves told lawmakers earlier this month that it was unlikely the OBR would have a new permanent chair before the March publication.
(Reporting by Muvija M and Sam Tabahriti, Editing by William Schomberg)
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