Overhaul UK Fiscal Watchdog to Unlock Growth, TUC Urges Chancellor John Healey
The union body warns the forecaster's model holds back the economy ahead of Healey's crucial 28 October budget.
The Trades Union Congress has called on Chancellor John Healey to launch a "root and branch" review of the Office for Budget Responsibility, warning that the official fiscal watchdog's forecasting model downplays the long-term benefits of public investment and restricts UK economic growth.
The union umbrella organisation urged the new chancellor to re-examine the OBR's economic assessments as part of his first budget, scheduled for 28 October.
Healey, the former defence secretary who took over at No 11 Downing Street, faces mounting pressure to deliver on the government's economic agenda. Prime Minister Andy Burnham has committed to delivering "good growth in every postcode," putting the Treasury's fiscal framework under heightened scrutiny.
The TUC's push comes alongside calls from economists who have urged Healey to ramp up public investment. Experts have advised the chancellor to take a bolder approach to borrowing and make use of newly flexible fiscal rules as he prepares his autumn financial package.
Sources
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