King's Speech lays out more powers for the Office for Budget Responsibility

'Fundamental mission' to drive growth

In today's (17 July) King's Speech, Labour confirmed the introduction of 40 bills as part of the government's agenda, including extending powers for the Office for Budget Responsibility (OBR).

Speaking at the State Opening of Parliament, King Charles III set out new legal powers for the OBR, one of 15 measures targeting 'economic stability and growth'.  The move to further the OBR's responsibilities came on the back of Prime Minister Keir Starmer's ambition to restore the powers of the UK's fiscal watchdog, which were severely dented by former Conservative prime minister Liz Truss when she went ahead with her Mini Budget plans without consulting the OBR.  Paul Diggle, chief economist at abrdn, said the reforms "will not make a practical difference to how the Labour governme...