What Are The UKs Fiscal Rules And Why Is The OBR Under Attack? - Fiscal Rules Are A Fairy Tale Made Up By Chancellors

6th March 2024

The Treasury watchdog is seen by some Tories as a block to tax cuts - and could be ignored by Jeremy Hunt.

It has been described as a millstone around the chancellor's neck and the reason Conservative MPs could be disappointed by Jeremy Hunt's budget on Wednesday if he spurns their demands for large pre-election tax cuts.

After coming under intense criticism during Liz Truss's premiership, the Office for Budget Responsibility (OBR), the Treasury's tax and spending watchdog, is once again under fire.

What is the OBR and why is it so powerful?
Created by George Osborne in 2010 to "remove the temptation [from politicians] to fiddle the figures", the OBR's role is to provide analysis of the UK economy and public finances independent of the Treasury. It is tasked with producing five-year forecasts twice a year, normally alongside a spring budget or autumn statement.

The UK changes the fiscal rules more often almost any other country so hen politicians quote them why should we believe them - They don't.

Read the full story at the Guardian

Bring on the budget.