Labour to strengthen watchdog to avoid repeat of ‘disastrous’ Truss budget

Shadow chancellor says proposals would act as fiscal lock' to prevent turmoil of ill-fated mini-budget

Ministers would have to consult the official watchdog on major tax and spending changes under Labour plans that would prevent a repeat of Liz Truss's ill-fated mini-budget, the shadow chancellor, Rachel Reeves, has said.

The move would ensure the Office for Budget Responsibility (OBR) was not gagged" by future prime ministers and chancellors trying to avoid an official financial forecast, she said.