LONDON – Britain’s new Finance Minister Rishi Sunak has ordered new post-budget economic forecasts from the country’s independent budget forecaster, which he has requested to be published on March 13th- two days post the delivery of his first budget.
“Given the unique circumstances this year, I would like to commission the OBR (Office for Budget Responsibility) to publish a second forecast on the 13 March, to provide a limited update to the 11 March forecast.”
– Rishi Sunak, in a letter to OBR Chairman Robert Chote
The letter signifies that the OBR is legally bound to make two forecasts per financial year and owing to the cancellation of the 2019 planned budget due to a general election, just one set has been produced.
Chote had offered Sunak three options for the resolution of the situation in a previous letter and this had included a so-called ‘limited update’.
Chote elaborated that a March 13th forecast would include better cost estimated for government borrowing announced in the budget release on March 11th with directions from the UK Debt Management Office.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.