Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

The pound falls as government dashes hopes for early release of OBR forecasts

Published 30/09/2022, 12:41
Updated 30/09/2022, 13:10
© Reuters.  The pound falls as government dashes hopes for early release of OBR forecasts

© Reuters. The pound falls as government dashes hopes for early release of OBR forecasts

Sterling fell back sharply after hopes that the publication of economic forecasts from the Office for Budget Responsibility (OBR) would be brought forward appeared to be dashed.

The prime minister, Liz Truss, and chancellor, Kwasi Kwarteng, met with officials from the OBR this morning in a meeting which PA Media said lasted just 48 minutes.

Following the meeting the OBR confirmed it will deliver an initial forecast to the chancellor on 7 October which “will, as always, be based on our

independent judgment about economic and fiscal prospects and the impact of the government’s policies.”

Truss and Kwarteng have been facing calls from the Treasury select committee to allow the OBR to release forecasts earlier to reassure the markets, public and parliament that their plan will lead to higher growth.

However, they appear to be holding firm against that idea.

The Treasury said the upcoming economic and fiscal forecast will be published on 23 November and pledged to work closely together throughout the forecast process and beyond.

The pound which had been trading above $1.12 in early trading fell after the meeting and is now down 0.43% at US$1.1064.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.