ChatterBank2 mins ago
O B R Forecasts Published Next Friday
22 Answers
With a statement later today.
https:/
/The OBR has a statutory
requirement to provide two
forecasts a year, and said it
offered Mr Kwarteng one on his
first day as chancellor.
The chancellor did not
commission one, and the lack of
analysis on the measures
outlined in his financial
statement is thought to have
contributed to the turmoil in the
markets in the past week./
Sounds more like Truss appointed a gambling maverick as Chancellor, not an economics graduate from Oxford.
https:/
/The OBR has a statutory
requirement to provide two
forecasts a year, and said it
offered Mr Kwarteng one on his
first day as chancellor.
The chancellor did not
commission one, and the lack of
analysis on the measures
outlined in his financial
statement is thought to have
contributed to the turmoil in the
markets in the past week./
Sounds more like Truss appointed a gambling maverick as Chancellor, not an economics graduate from Oxford.
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THECORBYLOON
//Even though the report will be received this Friday, there is no indication when or if it will be made public.//
I’ve a feeling that in light of the events of the last 7 days they won’t have a choice, further suppressing of them just looks even less transparent and even more cavalier.
//Even though the report will be received this Friday, there is no indication when or if it will be made public.//
I’ve a feeling that in light of the events of the last 7 days they won’t have a choice, further suppressing of them just looks even less transparent and even more cavalier.
I took it from this that backbenchers, financial commentators and the world markets would expect them:
/He also said the meeting was like "closing the stable door after the horse had bolted", as the OBR forecast needed to be released with the mini-budget to reassure markets./
Investors and the world economies need them to be published I’m guessing?
/He also said the meeting was like "closing the stable door after the horse had bolted", as the OBR forecast needed to be released with the mini-budget to reassure markets./
Investors and the world economies need them to be published I’m guessing?
I never said they were either (banned or supressed) I wrote 'A fiscal statement does not trigger a report by the OBR, so there isn’t one to see'
You then made the comment (which I must admit confused me at the time) 'Refusal is pretty much the same as banning in this instance.'
No one is diverting anything.
You then made the comment (which I must admit confused me at the time) 'Refusal is pretty much the same as banning in this instance.'
No one is diverting anything.
"Well Fatti, I'm pleased to see you no longer believe the report has been banned."
The report this Friday is not the the previous one they issued. The analysis in the previous one is yet to be revealed still.
It might be they will wait until the November before disclosing the OBR analysis relating to that month's Budget.
The report this Friday is not the the previous one they issued. The analysis in the previous one is yet to be revealed still.
It might be they will wait until the November before disclosing the OBR analysis relating to that month's Budget.
I had no idea you wanted my opinion on Kwarteng, Fatti. I'm afraid I'm not qualified to comment on whether he should have commissioned a report or whether one is automatically generated. Neither do I know whether it is convention for a C of the E to ask for one. What I do know is that, as I've said before, an OBR is not automatically produced following a fiscal statement.
As I said in the other thread, the National Audit Office scrutinises public spending for Parliament, including value-for-money’ So I'm not sure whether Sky's sources are barking up the right tree as the OBR do not provide normative commentary on the particular merits of government policies.
But yes, his actions do seem to have caused a great deal of unwanted and damaging turmoil. But as the £ has now recovered, maybe this was misjudged?
https:/
As I said in the other thread, the National Audit Office scrutinises public spending for Parliament, including value-for-money’ So I'm not sure whether Sky's sources are barking up the right tree as the OBR do not provide normative commentary on the particular merits of government policies.
But yes, his actions do seem to have caused a great deal of unwanted and damaging turmoil. But as the £ has now recovered, maybe this was misjudged?
https:/
Yes, the pound rallied a tad, as expected.
I know you’re not a fan of the BBC nor Sky but the firs paragraph here is telling:
/Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The downturn in economic activity during 2020 looks even worse than previously thought, and the subsequent recovery even weaker, following the latest set of national accounts revisions."
Analysis by Dharshini David, global trade correspondent.
The good news is that the economy wasn't going into reverse over the summer, the bad news is that's because the economy was smaller than previously thought prior to that point.
With some consumers opting to hang on to savings built up during the pandemic rather than spend, the economy is still not, unlike some competitors, bigger than its pre-pandemic peak.
So a growth plan to boost our prosperity, as the government intends, seems ideally timed.
But some economists point out that our productive capacity is limited - just look at the shortages of skilled workers. So as it stands, those £45bn of tax cuts may be even more likely to boost prices, and ultimately rates, if they prompt higher spending./
And I reckon that many won’t be spending those savings any time soon as they’ll be using them for basic essentials like food and heating over the forthcoming winter?
As for the decision of not windfall-taxing the energy companies it’s nice to see that some employers at least can redistribute the profits and wealth to their employees in a crisis:
/Retail giant giving staff third pay rise in just over a year to help them cope with rising living costs
Retail giant Currys is giving another pay rise to its staff under moves to help them cope with the rising cost of living.
Hourly rates will increase by a further 3.5% to £10.35 across the UK and to £11.43 in London - the third rise in the last 13 months and just one month after the latest increase came into effect.
The company, which has more than 300 stores, has now increased hourly pay by 15.6% in just over a year.
The announcement follows an extensive review by Currys' cost of living group, which was set up earlier this year and is made up of senior leaders from across the business, to develop a response to support employees.
The latest pay rise will benefit around 10,000 hourly paid employees.
Alex Baldock, group chief executive at Currys, said: "Every day I hear from colleagues who are feeling the impact of the rising cost of living and we're determined to do what we can to help.
"When it comes to more capable and committed colleagues, we're putting our money where our mouth is." /
I know you’re not a fan of the BBC nor Sky but the firs paragraph here is telling:
/Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The downturn in economic activity during 2020 looks even worse than previously thought, and the subsequent recovery even weaker, following the latest set of national accounts revisions."
Analysis by Dharshini David, global trade correspondent.
The good news is that the economy wasn't going into reverse over the summer, the bad news is that's because the economy was smaller than previously thought prior to that point.
With some consumers opting to hang on to savings built up during the pandemic rather than spend, the economy is still not, unlike some competitors, bigger than its pre-pandemic peak.
So a growth plan to boost our prosperity, as the government intends, seems ideally timed.
But some economists point out that our productive capacity is limited - just look at the shortages of skilled workers. So as it stands, those £45bn of tax cuts may be even more likely to boost prices, and ultimately rates, if they prompt higher spending./
And I reckon that many won’t be spending those savings any time soon as they’ll be using them for basic essentials like food and heating over the forthcoming winter?
As for the decision of not windfall-taxing the energy companies it’s nice to see that some employers at least can redistribute the profits and wealth to their employees in a crisis:
/Retail giant giving staff third pay rise in just over a year to help them cope with rising living costs
Retail giant Currys is giving another pay rise to its staff under moves to help them cope with the rising cost of living.
Hourly rates will increase by a further 3.5% to £10.35 across the UK and to £11.43 in London - the third rise in the last 13 months and just one month after the latest increase came into effect.
The company, which has more than 300 stores, has now increased hourly pay by 15.6% in just over a year.
The announcement follows an extensive review by Currys' cost of living group, which was set up earlier this year and is made up of senior leaders from across the business, to develop a response to support employees.
The latest pay rise will benefit around 10,000 hourly paid employees.
Alex Baldock, group chief executive at Currys, said: "Every day I hear from colleagues who are feeling the impact of the rising cost of living and we're determined to do what we can to help.
"When it comes to more capable and committed colleagues, we're putting our money where our mouth is." /
As for the OBR report, the Telegraph's page has updated to read
'The pound has erased its earlier gains against the dollar today after it emerged that the Treasury has not asked the Office for Budget Responsibility (OBR) to speed up the delivery of its economic forecast.
The report was confirmed after the meeting between Liz Truss, Kwasi Kwarteng and OBR officials, with readouts from both sides saying the forecasts will be delivered in time for Mr Kwarteng's medium term plan on November 23'
'I know you’re not a fan of the BBC nor Sky'
Do you, which of my posts, specifically, have lead you to that conclusion?
'The pound has erased its earlier gains against the dollar today after it emerged that the Treasury has not asked the Office for Budget Responsibility (OBR) to speed up the delivery of its economic forecast.
The report was confirmed after the meeting between Liz Truss, Kwasi Kwarteng and OBR officials, with readouts from both sides saying the forecasts will be delivered in time for Mr Kwarteng's medium term plan on November 23'
'I know you’re not a fan of the BBC nor Sky'
Do you, which of my posts, specifically, have lead you to that conclusion?
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