The Trades Union Congress (TUC) is pressing the new Chancellor, John Healey, to launch a comprehensive inquiry into the operations of the Office for Budget Responsibility (OBR). The union body argues that the fiscal watchdog’s current modeling fails to accurately capture the long-term advantages of public investment, potentially stifling economic expansion.
Timing of the Upcoming Budget
This intervention comes just ahead of Healey’s first fiscal statement, scheduled for October 28. The TUC hopes the Chancellor will use this opportunity to fundamentally reassess how the OBR evaluates economic impacts. The demand follows recent political promises regarding regional development.
The call for reform has been underscored by comments from Andy Burnham, who has recently emphasized a commitment to securing growth across every region. The unions believe that a “root and branch” review of the forecaster is necessary to ensure government policy supports widespread economic prosperity rather than being constrained by cautious projections.
Source: The Guardian