Labour claims it is now the ‘party of economic responsibility’
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Economists, experts, and a former Conservative Chancellor have
today backed Labour’s plan to introduce a new ‘fiscal lock,’ as the
party declares ‘it is now the party of economic responsibility in
British politics.’ This morning, Labour leader Keir Starmer and
Shadow Chancellor Rachel Reeves announced plans to ‘bring stability
and growth back to the British economy’ by strengthening the Office
for Budget Responsibility. Since then, a swathe of experts
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Economists, experts, and a former Conservative Chancellor have today backed Labour’s plan to introduce a new ‘fiscal lock,’ as the party declares ‘it is now the party of economic responsibility in British politics.’ This morning, Labour leader Keir Starmer and Shadow Chancellor Rachel Reeves announced plans to ‘bring stability and growth back to the British economy’ by strengthening the Office for Budget Responsibility. Since then, a swathe of experts have backed Labour’s proposals to ‘ensure [last year’s mini-budget] could not happen again’. This includes:
Darren Jones, Labour’s Shadow Chief Treasury of the Secretary, said: “Labour is now the party of economic responsibility in British politics. “Experts, economists and even the Chancellor’s own adviser backs Labour’s plan to bring growth and stability back to the British economy. “The biggest risk to the economy is now five more years of chaos and instability under the Conservatives.” Ends Notes:
Experts, economists, and politicians that have backed Labour’s proposals:
Labour’s announcement:
o Amending the legal framework governing the OBR to guarantee that where a fiscal event makes permanent tax and spending changes over a certain threshold, the fiscal watchdog can independently publish a forecast of the impact. o Setting out in a revised charter of budget responsibility the threshold and any associated changes to the working relationship between the Treasury and the OBR that would be voted on in Parliament. o Ensuring that in the event of an emergency where changes must be introduced at speed and a forecast cannot be produced in time, the OBR would be allowed to set a date for when it can publish its forecast. o For the first time, setting out a fixed timetable for budgets that would say major fiscal decisions announced by the end of November each year, allowing businesses and families four months to prepare for the new tax year and avoiding major changes to policy at the last minute. Annual Autumn Budgets would be followed by a Spring update in early March providing an updated forecast and minor policy changes. |