Labour pledges to give more powers to the Office for Budget Responsibility (OBR) to prevent a repeat of the economic chaos caused by Liz Truss's mini-budget last year.
Why it matters
The Labour party's pledge to strengthen the powers of the OBR is significant as it aims to prevent future economic instability caused by ill-planned tax and spending changes. By legally binding ministers to consult the OBR and allowing independent publication of forecasts, Labour aims to bring stability back to the economy and avoid disastrous mistakes.
What the papers say
The Mirror highlights Labour's pledge to prevent a repeat of the mini-budget chaos caused by Liz Truss and Kwasi Kwarteng. Politics.co.uk emphasizes Labour's plans to give more powers to the OBR and announce major tax and spending decisions in November. The Independent focuses on Labour's proposal to ensure the OBR is not 'gagged' and can independently publish its own impact assessment. The Times highlights Labour's pledge to avoid the 'disastrous mistakes' of Liz Truss's mini-budget and give more powers to the OBR. BBC News reports on Labour's promise to hand more powers to the OBR and announce major tax and spending decisions in November.
How we got here
Last year, Liz Truss and Kwasi Kwarteng's mini-budget, which included unfunded tax cuts, caused market chaos and a fall in the value of the pound. The mini-budget did not include the independent forecasts of the OBR, which added to market concerns. Labour aims to prevent a recurrence of such economic turmoil by strengthening the powers of the OBR.
More on these topics
The Labour Party is a centre-left political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists and trade unionists.
The Office for Budget Responsibility is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances.
Rachel Jane Reeves is a British Labour Party politician serving as Shadow Chancellor of the Duchy of Lancaster and Shadow Minister for the Cabinet Office since 2020. She has been the Member of Parliament for Leeds West since 2010.
Elizabeth Mary Truss, known as Liz Truss, is a British politician serving as Secretary of State for International Trade and President of the Board of Trade since July 2019 and Minister for Women and Equalities since September 2019.
BBC Radio 4 is a radio station which is owned and operated by the British Broadcasting Corporation. A part of BBC Radio, it broadcasts a wide variety of spoken-word programmes including news, drama, comedy, science and history from the BBC's headquarters