UK Leaders Say They Value Fiscal Scrutiny After Tax Plan Sparked Market Turmoil
UK Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have said they value the scrutiny from an independent fiscal watchdog, after their plan to fund massive tax cuts with government borrowing rattled investors and led to turmoil in the financial markets.
At an unusual meeting held in Downing Street on Friday, Truss and Kwarteng told officials from the Office for Budget Responsibility (OBR) that the government will “work closely” with them and will heed their input.
The government initially refused to let the OBR issue economic forecasts linked to its “mini-budget” unveiled on Sept. 23, which included the biggest package of tax cuts in half a century….