UK Treasury Accused of Concealing £9.5bn Budget Gap
The Office for Budget Responsibility suggests Treasury officials may have breached the law by not disclosing significant spending pressures.
- Richard Hughes, head of the OBR, revealed that £9.5bn in spending pressures were not disclosed by the Treasury in the March Budget.
- The lack of disclosure could have led to a materially different financial forecast, according to Hughes.
- The OBR is transitioning to a 'trust but verify' approach to ensure future transparency with the Treasury.
- Chancellor Rachel Reeves cited a £22bn 'black hole' in public finances, partly justifying recent tax increases.
- Former Chancellor Jeremy Hunt criticized the timing of the OBR's report, fearing it might be used for political advantage.
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