King Charles III granted the Office for Budget Responsibility (OBR) new legal powers to independently assess tax and spending changes, strengthening economic stability and growth.

In the King's Speech, King Charles III announced new legal powers for the Office for Budget Responsibility (OBR), aiming to strengthen economic stability and growth. The new powers include independently assessing all significant tax and spending changes. This follows Prime Minister Keir Starmer's ambition to restore the powers of the UK's fiscal watchdog, which were weakened by former PM Liz Truss's Mini Budget plans.

July 17, 2024
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