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MNI BRIEF: UK OBR Forecasts In November, BOE Watching Events

(MNI) LONDON
(MNI) London

The UK's independent fiscal regulator will issue an update in November, while the BOE says it is watching events.

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The UK's Office for Budget Responsibility has been asked to publish updated fiscal forecasts on Nov 23 alongside Chancellor Kwasi Kwarteng's Medium-Term Fiscal Plan, the Treasury said Monday, at the end of another day of mayhem for the pound and gilts.

The lack of official costings was a factor unnerving markets after last Friday’s announcement of large tax cuts, which the OBR had not been asked to assess. In a statement, Bank of England Governor Andrew Bailey welcomed the government’s “commitment … to the role of the Office for Budget Responsibility” and said it was "monitoring developments in financial markets very closely in light of the significant repricing of financial assets."

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The UK's Office for Budget Responsibility has been asked to publish updated fiscal forecasts on Nov 23 alongside Chancellor Kwasi Kwarteng's Medium-Term Fiscal Plan, the Treasury said Monday, at the end of another day of mayhem for the pound and gilts.

The lack of official costings was a factor unnerving markets after last Friday’s announcement of large tax cuts, which the OBR had not been asked to assess. In a statement, Bank of England Governor Andrew Bailey welcomed the government’s “commitment … to the role of the Office for Budget Responsibility” and said it was "monitoring developments in financial markets very closely in light of the significant repricing of financial assets."

Keep reading...Show less