Closing post
Time to wrap up…
Here are today’s main stories so far:
OBR chief Richard Hughes is then questioned by the Lords economic affairs comittee about the most recent figures for the public finances.
Hughes explains that the level of spending headroom in the budget - which has improved based on the likelihood of lower inflation and lower interest rates this year - is still a fraction of the risks inherent in five-year forecasts of government debt.
He said the £13bn available to the chancellor based on the November autumn statement forecast amounts to “a quarter to one eighth of the 2% to 4% of gross domestic product” at risk when there is a shock to the economy that forces an expensive rescue package to be deployed.
Richard Hughes, Chair of @OBR_UK: “Over the very near term the UK Government doesn’t have any difficulty raising the finance it needs to cover the gap between monthly and annual tax and spending. So we don’t have any difficulty accessing debt markets.” #Nationaldebt pic.twitter.com/K312m4JivY
— Lords Economic Affairs Committee (@LordsEconCom) January 23, 2024
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