The independent fiscal watchdog will deliver a forecast to the Chancellor next week as the fall-out from the mini-budget continues.
The Prime Minister and Chancellor Kwasi Kwarteng held crunch talks with experts from the Office for Budget Responsibility (OBR) this morning which lasted less than 48 minutes, the Mirror reports. Richard Hughes, Andy King and Professor David Miles, members of the OBR's budget responsibility committee, were seen walking into No11 at 9.45am, and they emerged again at 10.33am.
In a statement after the meeting, the watchdog said it would provide a forecast to the Chancellor on October 7 based on "our independent judgement about economic and fiscal prospects and the impact of the Government’s policies." It will "set out the full timetable" up to the next financial statement on November 23 next week, the OBR said.
READ MORE: Gemma Atkinson's home defended as she shares photo with 'tiny' daughter ahead of parenting milestone
It comes as Ms Truss is facing increasing calls to U-turn on tax-cutting policies announced in Chancellor Kwasi Kwarteng's mini-budget. The fall-out has seen a rapid drop in the value of the pound and many lenders withdrawing mortgage products from sale.
The Treasury rejected calls to bring the forecasts forward and said they will be published on November 23, when Mr Kwarteng is due to set out a "Medium-Term Fiscal Plan". A spokesperson said they had agreed to "work closely" with the OBR and the Prime Minister and Chancellor "reaffirmed their commitment to the independent OBR and made clear that they value its scrutiny".
Treasury and Downing Street sources claimed earlier that it wasn't an emergency meeting - despite the fact it is unusual for the PM to sit on talks with OBR chiefs. Treasury Committee chairman Mel Stride said the meeting must be a "reset moment" amid growing Tory jitters over the fallout from Ms Truss's economic plans.
Mr Kwarteng has faced calls to bring forward his planned statement setting out how he intends to get the public finances back on track after the OBR said it could produce a preliminary set of forecasts by October 7. Critics are likely to seize on this six-week gap and demand to know why the OBR's initial forecasts aren't being published sooner.
READ NEXT:
- Chloe Madeley looks stunning on date night with husband after being applauded for showing postpartum body
- Pregnant former ITV Corrie star Lucy Fallon shares pregnancy reality as adorable dog sticks by her side
- Cheryl gives rare interview about late friend Sarah Harding saying they 'laughed and cried' during last days together
- BBC Strictly Come Dancing's Helen Skelton reveals home is 'more stressful' after 'intense' dance session
- ITV Emmerdale's Charley Webb looks just like son in childhood snap as she makes poignant tribute
