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The Latest Breaking News from OBR

Scrap ‘petty and arbitrary’ fiscal rules and invest, top economist who advised Labour urges

Jim O’Neill says OBR should be given new powers to emphasise economic benefits of public investment

The Independent UK

Kwarteng went ahead with mini-budget despite OBR warning, FOI reveals

Chancellor’s refusal to publish forecast contributed to stock market jitters and run on pound

The Guardian - UK

Top UK energy firms to warn Rishi Sunak: ‘Don’t back off green agenda’

More than 100 companies are set to send a letter to the PM voicing fears about the disastrous effects of Britain’s overreliance on gas

The Guardian - UK

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Don’t be so afraid of the long-term debt apocalypse

City comment: The OBR forecasts are meant to help us avoid apocalypse, rather than to seriously predict it

Evening Standard

UK finances in ‘very risky’ position after economic shocks, OBR warns

Government’s debt level ‘unsustainable’ without tax rises or cuts, suggests watchdog

The Independent UK

OPINION - Pay rises for public sector workers (but tax rises for all)

So, the government has gone with option 1, sub-section c: accept the recommendations of the pay review bodies – with mostly no new money. This neatly avoids higher borrowing, inflation or taxation (more on that later), but means cash must be found from existing department budgets not exactly flush with…

Evening Standard

Fast-rising borrowing costs putting UK public finances at great risk, warns OBR

Gloomy report says national debt could exceed 300% of GDP within next 50 years

The Guardian - UK

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Pound hits 15-month high as UK GDP shrinks in May; sickness threat to economy – business live

UK GDP report for May shows that factory output and construction shrank during the month, with some blaming extra bank holiday

The Guardian - UK

Rising UK interest rates threaten Sunak’s fiscal plans, OBR to warn

Inflation and borrowing costs make it less likely PM will be able to tackle debt or cut tax

The Guardian - UK

SNP MP's request for disastrous Tory mini-budget forecast to be released is upheld

Exclusive: Stuart McDonald's request for the economic watchdog to share the draft forecast it sent to Kwasi Kwarteng ahead of his mini-budget was upheld.

Daily Record

UK government debt rises above 100% of GDP for first time since 1961

In blow to Rishi Sunak’s plans to cut taxes before general election, net debt reached £2.6tn at of end of May

The Guardian - UK

Labour doesn’t need to sabotage its green prosperity plan – just to cost it clearly

The argument that markets will react badly to borrowing doesn’t wash, says the former shadow chancellor John McDonnell

The Guardian - UK

UK growth forecast upgraded by IMF; Bank of England governor says ‘big lessons to learn’ after inflation shock – as it happened

New IMF report shows “a big upgrade to the UK’s growth forecast” says Jeremy Hunt, with UK expected to grow by 0.4% this year not shrink by 0.3%

The Guardian - UK

Era of ‘massive’ UK house price rises nearing end, says OBR economist

David Miles says working from home, stalling population growth and higher interest rates will shape market

The Guardian - UK

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The Independent UK

Nigel Farage admits Brexit has ‘failed’

Former Ukip leader says ministers have failed to take advantage of leaving the EU

The Conversation

UK economy: why the Bank of England is now more upbeat than the IMF

The Bank of England has changed its mind about the prospects for the UK economy. Having been predicting a recession in 2023 as recently as February, its latest May report is expecting a soft landing from the bout of high inflation and a year of interest rate hikes.

The Guardian - UK

Record UK borrowing puts Jeremy Hunt in a tax cut dilemma

The chancellor has to weigh tax giveaways against unprecedented government borrowing ahead of looming elections

Wales Online

What today's dip in inflation means for your money and when prices will fall

Prices are still rising, but slightly less slowly

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news in one place.

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Evening Standard

Brexit will cost UK workers about £1,300 in lost income each year, say experts

The impact of Brexit on people’s earnings could be ‘substantial’, say experts

The Independent UK

Brexit damage as big as Covid, says OBR – predicting five years before incomes recover

UK seeing ‘biggest squeeze on living standards’ on record, says head of fiscal watchdog

Daily Mirror

Jeremy Hunt plays down economic crisis risk as Budget watchdog warns of 'stress' in system

The Chancellor said the UK is in a better position than it was during the 2008 financial crash with a 'resilience that there wasn't back then'. But the chief of the OBR warned the system was 'under stress'

The National (Scotland)

'It's not that difficult is it?' SNP MP in call to Tories to end 'denial' over Brexit

AN SNP MP has called on the Tories to end their “denial” about the negative effects of Brexit on the UK economy.

Evening Standard

OPINION - There are tax burdens hidden in Jeremy Hunt’s spring Budget

Jeremy Hunt’s Budget could cost UK housesholds thousands over the coming years

The Independent UK

Martin Lewis warns food bills may never drop down to what they were

Cost of living rocketed across UK during 2021 and 2022, with inflation still extraordinarily high

The Independent UK

British workers ‘£11,000 worse off a year’ as wages fail to keep up with costs

Resolution Foundation says typical UK household income has fallen further behind Germany, with the gap at £4,000

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