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Rachel Reeves to introduce 'fiscal lock' law to strengthen OBR powers
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investmentweek.co.ukThe new law will enable the OBR to conduct an independent assessment of any significant, permanent tax and spending changes as a measure of 'fiscal lock'. The law also targets announcements over one financial year which make permanent tax or spending commitments above 1% of the UK's GDP, or roughly £30bn. However, emergency and temporary measures lasting up to two years will be exempt from an OBR assessment. This includes examples of prior events, such as the government's response to the Covid-19 pandemic. Labour majority not enough to make UK preferred market over US The plans ...
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