The UK Treasury has implemented new measures to prevent a repeat of the economic turmoil caused by Liz Truss's mini-budget.
These measures, often referred to as "guard rails," are designed to ensure that any significant fiscal changes undergo thorough assessment and scrutiny. This move comes in response to the market chaos following the mini-budget by former Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng, who bypassed an assessment by the Office for Budget Responsibility (OBR).
The newly installed measures aim to provide transparency and stability by requiring that any major fiscal proposals are accompanied by independent forecasts from the OBR. It is understood Reeves is preparing to announce changes in the budget to the Treasury’s self-imposed fiscal rules to pave the way for billions of pounds in additional borrowing to finance major public works including roads, railways, schools and hospitals.
As a seasoned journalist and technology enthusiast, I, Alex Carter, have dedicated over a decade to exploring and reporting on the startup ecosystem. My journey has taken me deep into the world of innovation, where I've uncovered the stories behind groundbreaking technologies and transformative business models.
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