In an unusual move, the prime minister and Chancellor Kwasi Kwarteng will meet the chairman of the Office for Budget Responsibility (OBR) to discuss the fallout after last week's mini-budget.

The OBR made 10 recommendations for improving the transparency and credibility of the process for forecasting departmental spending plans. Reeves said its recommendations would be implemented in full.

The Office for Budget Responsibility (OBR) monitors the UK government's spending plans and performance. Twice a year, it releases forecasts on the state of the economy and the public finances. The ...

The OBR said borrowing will soar to more than 20 per cent of the size of the economy, while the debt pile is expected to surpass 270 per cent of GDP by the early 2070s.

The OBR said even in a scenario where the United States imposed tariffs on only China, Canada and Mexico and they retaliated, the size of the British economy could be 0.2% smaller than its central ...

Absurdly, the OBR didn’t do any of these, choosing instead to ignore the third-year envelope and simply maintain their £48bn-per-year prediction, based on the first two years of active sales.

This means the Consumer Prices Index (CPI) will rise to 2.6pc in 2025, up from its current level of 1.7pc, and well above the Bank of England’s 2pc target rate, the OBR said.