British finance minister Rachel Reeves has asked the country’s budget watchdog to publish its next set of economic and public finance forecasts on March 3, without including an assessment of her progress against fiscal targets, the government said.
Reeves has requested that the independent Office for Budget Responsibility prepare the forecasts, which will offer an interim snapshot of the economy, according to the HM Treasury.
In her November budget, Reeves set out plans for the OBR to assess whether the government is on track to meet its fiscal rules—such as the pledge to balance day-to-day spending with tax revenues by 2030—once a year rather than twice.
“The government will respond to the March forecast through a statement to parliament, in line with the government’s commitment to deliver one major fiscal event a year at the budget,” the Treasury said. It added that the approach would provide families and businesses with greater stability and certainty, supporting the government’s growth ambitions.
Speculation over how Reeves would restore the public finances intensified in the months leading up to her annual budget on November 26, weighing on confidence among businesses and consumers, according to surveys.
The OBR lost its chair last month after Richard Hughes resigned following an investigation into failures to safeguard budget documents that resulted in the early release of key details from Reeves’ budget.
Reeves told lawmakers earlier this month that it was unlikely the OBR would have a new permanent chair in place before the March publication.
