Mel Strid released a strongly worded statement calling for more clarity on the implications of the new chancellor’s fiscal interventions. Kwarteng is expected to unveil tax cuts of between £30bn and £50bn, according to some estimates, while government intervention to freeze energy prices for consumers and businesses could cost more than £100bn. It is also expected to overhaul its fiscal rules to allow the government to borrow more. Stride, an ally of former chancellor and defeated leadership contender Rishi Sunak, said independent forecasts from the Office for Budget Responsibility were needed to “provide reassurance and confidence to international markets and investors”. He said: “As a committee, we have previously stated in the House that we consider it very important to announce significant changes to taxation in a budget event alongside an OBR forecast. These forecasts are a vital indicator of the health of the country’s finances and provide reassurance and confidence to international markets and investors. “There has been a deterioration in our economic outlook since the last OBR forecast in March. There have been major fiscal interventions since then, and we’re told there will be further major interventions, including major permanent tax cuts to be announced on Friday. In these circumstances, it is vital that an independent OBR forecast is provided.’ The OBR has said it is ready to provide a forecast, but so far none has been commissioned by the government. Stride has previously said the absence of budget forecasts would mean the new prime minister is “blindsided” without the public being able to see an independent assessment of the government’s balance sheet. But the second statement suggests there may be resentment among more Tory supporters about the new government’s willingness to carry out budget events without independent scrutiny. As well as the mini-budget on Friday, a statement from Jacob Rees-Mogg, the business secretary, is expected on Wednesday, outlining an energy support package for businesses. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Michelle Donelan, the culture minister, told broadcasters on Tuesday morning that the government understood why businesses wanted “clarity and certainty”. He said: “Many companies and public sector organizations will need additional support and that’s why we want to create a tailored package to target that support and make sure the support is really the right support.”
