Labour pledges more watchdog power after Truss mini-budget

Labour is making election promises ahead of the next UK general election which could be as soon as May next year. 

The Labour Party says it’ll hand more powers to Britain’s economic watchdog if it wins the next general election. 

It comes after the former PM Liz Truss delivered a mini-budget without OBR analysis, which led to market chaos and a fall in the value of the pound. 

Under the plans, the Office for Budget Responsibility (OBR) would be free to publish forecasts and analysis alongside any tax and spending changes. 

Labour says the package would “bring stability back to our economy.” 

Shadow Chancellor Rachel Reeves said under Labour all major tax and spending decisions would by law be announced in November, to reduce uncertainty for businesses and families.

Under Labour’s plans, only very minor policy changes would be permitted in a spring budget. 

The OBR usually produces forecasts only twice a year, to accompany the spring budget and autumn statement – but does provide monthly commentary on the economy.