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The Latest Breaking News from OBR

Truss’s pledges ‘to contribute to £60bn hole in UK budget’

Liz Truss’s tax cut and defence spending pledges, coupled with spiralling inflation and the growing cost of government debt, will create a £60bn hole in the public finances by 2026, according to calculations by the Financial Times.

The Independent UK

Economic watchdog confirms it could scrutinise Truss’s cost of living plans

MPs say it is vital tax and spending measures proposed by potential new prime minister are examined by OBR

The Guardian - UK

Independent watchdog says it can provide economic forecast in time for emergency Truss budget

Senior Tory describes work as ‘vital’

The Independent UK

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Fiscal watchdog ready to publish forecast for new PM’s spending plans

The OBR’s confirmation puts the new government in the position of having to formally reject its offer.

The Independent UK

Tory leadership hustings: Liz Truss defends tax cuts proposal amid criticism from Sunak campaign

Leadership candidates clash over cost-of-living crisis at Birmingham hustings as campaign enters its final weeks

Evening Standard

Truss attacks ‘Treasury orthodoxy’ as she promotes tax-cutting leadership pitch

Rishi Sunak warned that millions of households face ‘destitution’ without further support this winter.

The Independent UK

Kwasi Kwarteng’s opaque stance on BT ownership is not helping

The company really does not need to take an excursion into high-leverage financial engineering

The Guardian - UK

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Rishi Sunak attacks Liz Truss’s plans to curb Bank of England’s independence

Former chancellor says rival’s economic proposals could ‘spook international investors’

The Guardian - UK

Sunak steps up attacks on Truss policies amid growing inflation fears

The cost-of-living crisis appears set to dominate the latest hustings clash between Liz Truss and Rishi Sunak.

The Independent UK

New PM’s spending plans must face scrutiny, says Treasury committee chair

Mel Stride says OBR must provide fiscal forecasts as Liz Truss urged to ‘come clean’ on promised tax cuts

The Guardian - UK

Treasury told to reveal if it is preparing for Liz Truss’s crisis budget in scrutiny row

Senior Tory says chancellor must help watchdog ‘publish independent forecast’ on economic impact of huge tax cuts

The Independent UK

Truss accused of bypassing scrutiny over Budget

Critics warn next PM would be ‘flying blind’

The Independent UK

Labour calls for ‘national mission’ on home insulation to tackle soaring bills

Labour has set out plans to upgrade 19 million homes across the country over the next decade in a major insulation project.

The Independent UK

Truss told to be transparent over her plans for emergency cost-of-living budget

In the final fortnight of the leadership contest supporters of Rishi Sunak have seized on his opponent’s plans for an emergency budget.

The Independent UK

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The Guardian - UK

Sunak effectively rules out serving in a Truss cabinet, suggesting they don’t agree on ‘big things’ – as it happened

Tory leadership candidate says he is focused on race for No 10; energy bosses call for end to battle so new PM can tackle bills crisis

The Independent UK

Rishi Sunak’s camp tells Liz Truss to ‘come clean’ over ‘dangerous’ tax plans

The former chancellor’s team said the Foreign Secretary’s plans could force public finances into ‘serious jeopardy’.

The Guardian - UK

ECB raises interest rates more than expected to combat inflation – as it happened

ECB raises rates by half a point in its first hike in 11 years, UK government finances worsen amid record debt interest costs and Russia resumes limited gas supplies to Europe

Wales Online

DWP's first £326 cost-of-living payment to hit millions of UK bank accounts from this week

People may be entitled to receive £650 in two lump sums if they receive certain support

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The Independent UK

Cost-of-living payments will hit bank accounts from Thursday

People may be entitled to receive £650 in two lump sums if they receive certain support.

The Independent UK

What could be the impacts of possible tax cuts?

Conservative leadership contenders have made various promises around tax cuts.

The Guardian - UK

The Guardian view on Tory supply-siders: unhelpful in a cost of living crisis

Editorial: Imaginative public spending is unlikely to feature in the Conservative leadership race, where tax cuts will be a key dividing line

The Guardian - UK

UK’s ‘unsustainable’ debt could reach 320% of GDP in 50 years, OBR warns

Taxes ‘must be raised to offset mounting cost of ageing population and falling fuel income’

Evening Standard

Sunak forced to borrow yet more as inflation soars and growth falters

Debt interest payments have surged by 70% compared with last year for the Chancellor

The Independent UK

Interest payments on government borrowing soar to May record as inflation rises

The ONS said surging levels of inflation sent interest payments on government debt to a May record of £7.6 billion.

The Guardian - UK

UK economy ‘running on empty’ as high inflation threatens recession, and drives up borrowing costs – as it happened

UK business confidence falls to levels that signal a recession, as new orders growth weakens

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