Overview

• Speaking on Monday, Rachel Reeves said two full OBR forecasts each year make it harder to hold a single fiscal event and asked the watchdog to alter its approach.
• Reeves cited IMF advice to move to one annual assessment and floated options such as shorter-term updates instead of two full forecasts.
• The government is set for one Budget on 26 November, after a spring statement earlier this year was used to maintain headroom when the OBR outlook deteriorated.
• The Institute for Government backs fewer forecasts to reduce reactive fine-tuning, while the Institute for Fiscal Studies favors retaining two for transparency with safeguards to limit volatility.
• The Daily Mail reports the OBR is expected to cut productivity assumptions this week, a claim not confirmed that, if borne out, could further squeeze room to meet fiscal rules.