Liz Truss will have urgent meetings with the leader of Britain’s independent fiscal watchdog after failing to calm the financial markets or win approval for her bold economic plan from Tory MPs.
In an extremely uncommon move, the prime minister will meet with the director of the Office for Budget Responsibility (OBR), Richard Hughes, on Friday together with her chancellor, Kwasi Kwarteng, before receiving a preliminary copy of the organization’s full budgetary estimates the following week.
On October 7, the finance minister has requested that the OBR produce a preliminary version of its upcoming economic estimates. On Nov. 23, he intends to release a budget statement that will explain debt reduction strategies, fresh forecasts, and the cost of borrowing. A committee of British parliamentarians has requested Kwarteng to move up the release of his budget statement.
On Thursday morning, Truss and Kwarteng defended their economic strategies, with the prime minister arguing that quick action was required to support economic expansion.