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The Latest Breaking News from OBR

Starmer vows more powers for OBR so Truss budget ‘disaster’ never happens again

The Labour leader said ministers would be legally bound to consult the official fiscal watchdog on tax and spending changes under his party’s plans.

The Independent UK

Labour says budget watchdog won’t be ‘gagged’ in future after disastrous Truss tenure

Planned boost to OBR’s powers outlined a year on from the Truss-Kwarteng mini-budget

Evening Standard

Factchecking Rishi Sunak’s claims on the net zero transition

We assess five claims used by the prime minister to try to justify his U-turn on green policies

The Guardian - UK

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Boris Johnson called his allies ‘The Munsters’, new book alleges

The Right to Rule describes Johnson as isolated on back benches, ‘scathing’ in private about MPs who did back him

The Guardian - UK

OPINION - Liz Truss has learned nothing, still blames everyone else

That was weird. Five days short of the one-year anniversary of her disastrous ‘mini-Budget’, Liz Truss stood behind a podium at the Institute for Government (IfG) and blamed all her problems on other people.

Evening Standard

Liz Truss blames ‘groupthink’ for economic damage under her watch

While former PM takes some responsibility for markets crisis after mini-budget, she says main fault lay with Bank of England

The Guardian - UK

Transport minister refuses to say if government still committed to extending HS2 to Manchester and Euston – as it happened

Richard Holden responds to urgent question from Labour about HS2 but refuses to say if HS2 will still reach Manchester or Euston in London

The Guardian - UK

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Poor ONS forecasts could be hurting our economy

City Voices: Investment decisions have already been made based on the incorrect economic analysis

Evening Standard

‘She’s totally lost it’: inside story of the unravelling of Liz Truss’s premiership

Approaching one year on from the start of her tenure, a look back on how it all fell apart within 49 days

The Guardian - UK

Dorries claims she is ‘working daily’ on behalf of her constituents amid calls for her to resign – as it happened

She made the comment in response to repeated claims she is neglecting her duty as an MP

The Guardian - UK

UK borrows £4.3bn in July as monthly interest hits new record

The deficit was slightly lower than the £5 billion forecast by City economists and some said it could give Jeremy Hunt scope for a limited tax giveaway

Evening Standard

Jeremy Hunt plays down tax cut plans despite lower borrowing than expected

Chancellor says government must not alter course as interest rate rises add to cost of debt

The Guardian - UK

Top UK CEOs handed 16% pay rise as millions of workers squeezed – as it happened

Data from the High Pay Centre thinktank showed FTSE 100 bosses collected an average £500,000 pay rise last year, taking their median pay to £3.9m

The Guardian - UK

Sunak pledges to keep to pension triple lock despite signs of extra £10bn cost

PM says he is comfortable with full uplift on state pensions, which cost the taxpayer £124bn this year

The Guardian - UK

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The Independent UK

Scrap ‘petty and arbitrary’ fiscal rules and invest, top economist who advised Labour urges

Jim O’Neill says OBR should be given new powers to emphasise economic benefits of public investment

The Guardian - UK

Kwarteng went ahead with mini-budget despite OBR warning, FOI reveals

Chancellor’s refusal to publish forecast contributed to stock market jitters and run on pound

The Guardian - UK

Top UK energy firms to warn Rishi Sunak: ‘Don’t back off green agenda’

More than 100 companies are set to send a letter to the PM voicing fears about the disastrous effects of Britain’s overreliance on gas

Evening Standard

Don’t be so afraid of the long-term debt apocalypse

City comment: The OBR forecasts are meant to help us avoid apocalypse, rather than to seriously predict it

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The Independent UK

UK finances in ‘very risky’ position after economic shocks, OBR warns

Government’s debt level ‘unsustainable’ without tax rises or cuts, suggests watchdog

Evening Standard

OPINION - Pay rises for public sector workers (but tax rises for all)

So, the government has gone with option 1, sub-section c: accept the recommendations of the pay review bodies – with mostly no new money. This neatly avoids higher borrowing, inflation or taxation (more on that later), but means cash must be found from existing department budgets not exactly flush with…

The Guardian - UK

Fast-rising borrowing costs putting UK public finances at great risk, warns OBR

Gloomy report says national debt could exceed 300% of GDP within next 50 years

The Guardian - UK

Pound hits 15-month high as UK GDP shrinks in May; sickness threat to economy – business live

UK GDP report for May shows that factory output and construction shrank during the month, with some blaming extra bank holiday

The Guardian - UK

Rising UK interest rates threaten Sunak’s fiscal plans, OBR to warn

Inflation and borrowing costs make it less likely PM will be able to tackle debt or cut tax

Daily Record

SNP MP's request for disastrous Tory mini-budget forecast to be released is upheld

Exclusive: Stuart McDonald's request for the economic watchdog to share the draft forecast it sent to Kwasi Kwarteng ahead of his mini-budget was upheld.

The Guardian - UK

UK government debt rises above 100% of GDP for first time since 1961

In blow to Rishi Sunak’s plans to cut taxes before general election, net debt reached £2.6tn at of end of May

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