Kwasi Kwarteng’s Mini-Budget

[Hymie]

You might wonder why Kwasi Kwarteng announced the recent tax cuts and other government support as a ‘fiscal event’ rather than a ‘budget’; the reason is given in the current edition of Private Eye which points out that as a fiscal event, there will be no analysis from the Office of Budget Responsibility into the effects (of this fiscal event) on the UK’s financial position.

Perhaps the current Tory government will from now on hold fiscal events, rather than budgets.

[johnk]

Don't want too much scrutiny but the value of the pound says it all

[Gromit]

It is worse than the Hymie,
There IS analysis of the fiscal event by the independent Office for Budget Responsibility. They have made forecasts based on Kwarteng’s numbers.

But he and the Government have banned the analysis from being publish. Yep, they have gagged their own independent watchdog. Looks suspiciously like they have got something to hide.

[Zacs-Master]

Have a read of this, Hymie:
https://www.gov.uk/government/news/7-things-you-need-to-know-about-the-new-budget-timetable

The OBR is an independent organisation, I.e. not a Govt department and in their own words ‘ Parliament has specifically stipulated that ‘the OBR should not provide normative commentary on the particular merits of government policies’. The National Audit Office scrutinises public spending for Parliament, including value-for-money’ so not quite the watchdog you or a private eye seem to think they are.

[Gromit]

ZM,
The OBR can and do make forecasts. Which they publish without commentary. People reading them can come to their own conclusions. By banning their publication, the Government are suppressing debate.

[Zacs-Master]

Nobody has banned anything. If people want to debate fiscal policy and it’s effects they would be better starting with an NAO report which at least provides some factual criticism on the value for money of public spending, rather than the OBR’s rather tamer assessment on the outlook for the public finances and whether they are sustainable.

[Gromit]

ZM,
If it is tame, why have the Government forbid us seeing it?

[Zacs-Master]

They haven’t Gromit. A fiscal statement does not trigger a report by the OBR, so there isn’t one to see.

[perseverer]

An autumn budget would trigger a statement from the OBR, so have we still to get an autumn budget?

[Gromit]

perseverer
They have signposted another statement ‘later in the year’, whatever and when that means.

[FatticusInch]

Zacs-Master
//Nobody has banned anything. If people want to debate fiscal policy and it’s effects they would be better starting with an NAO report which at least provides some factual criticism on the value for money of public spending, rather than the OBR’s rather tamer assessment on the outlook for the public finances and whether they are sustainable.//

Just a play on words. Refusal is pretty much the same as banning in this instance.

https://www.bbc.co.uk/news/business-62970803.amp


Meanwhile, from the BBC this morning.

//Kwasi Kwarteng has thrown the economic plan of the last government in the shredder.
And this morning - he's continuing that. Increasing tax during a cost of living crisis was a "perverse" argument he says. He was "perplexed by the approach".
Kwarteng was known to have concerns about National Insurance rises. But remember he was business secretary in the last government - so signed up to the plans under cabinet collective responsibility. As did the Prime Minister Liz Truss.//

So clearly these people just vote for stuff on the orders of the PM, regardless of their concerns and the consequences?

[Peter Pedant]

They haven’t Gromit. A fiscal statement does not trigger a report by the OBR, so there isn’t one to see.

Father jack writes: I am not sure if any of this is right. R4 1700 - a report was prepared ( as ever) and not published and the Govt are going to follow up with another Fiscal Event in November on which the comments will be published for both.

[Paigntonian]

As others have said the government has not banned anything. Private Eye is wrong.

[Peter Pedant]

If this is too comprehensible - not true, but comprehensible, not comprehensive, compre ( bit jesuitical really innit)
then as Father Jark really says Drink! Frack! Bottom, Girls !

(ABers dont really think I write in that style innit? eheu, horribile scriptu! οὐ γὰρ οἴδασι τί ποιοῦσι

[FatticusInch]

Just more covert, cloak and dagger stuff.
So much for transparency and delivering eh?

It’s just continuity Johnson from his friend, Liz Truss.
Admired from Cleethorpes to Catastrophe.