UK: Shadow CX Appears To Rule Out Emergency Budget If Labour Win Election

In her first major speech of the election campaign, Shadow Chancellor of the Exchequer Rachel Reeves has appeared to rule out the holding of an emergency summer budget in the event that the centre-left Labour party wins the general election on 4 July. Says that “The [independent Office for Budgetary Responsibility] OBR requires 10 weeks’ notice to provide an independent forecast ahead of a budget, and I've been really clear that I would not deliver a fiscal event without an OBR forecast”. 

• Opinion polling shows Labour with a substantial lead just over five weeks ahead of the election, with the party seen as strong favourites to win power with a large majority in the House of Commons. 
• Post-election budgets are relatively common, especially when power changes hands. However, if Reeves maintains her stance it would likely see the next fiscal event take place in the autumn, potentially delaying the implementation of its provisions into 2025. 
• Reeves also shot down the prospect of Labour matching the Conservatives' pledge of a  'triple lock plus' for state pensions that would see the tax-free pensions allowance rising by 2.5%, earnings, or inflation (whichever is highest). The shadow chancellor called the plan “another desperate gimmick” and said “she will never take those risks” with public finances.