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Speaking on the Today Programme this morning, Rachel Reeves said the move would prevent the Tories from “crashing the economy” in future.<\/p>\n
She said: \u201cWith our new charter for budget responsibility, we will always have a forecast from the OBR when there are significant and permanent changes in tax and spend, because I know stability is absolutely essential.\u201d<\/p>\n
Ms Truss hasn\u2019t taken the ongoing barrage lying down, however.<\/p>\n
In a statement returning fire this morning, the former PM said Labour\u2019s policy \u201cbeggars belief\u201d, and will have yet more power to \u201cbureaucrats in London\u201d.<\/p>\n
Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n She said: \u201cThe 25-year economic consensus has led to state spending being higher than it\u2019s been for around 50 years, taxes at their highest since WW2 and a debt of over \u00a32.5trillion. This has caused low economic growth.<\/p>\n \u201cIt beggars belief that Labour thinks Britain\u2019s problems will be solved by bigger government and even more powers for quangos.<\/p>\n \u201cHard-working people and businesses – freed from overbearing regulation, tax, and debt – are going to get Britain growing again, not more bureaucrats in London.\u201d<\/p>\n Supporters of Ms Truss have previously also criticised the OBR over the inaccuracy of their forecasts in the first place.<\/p>\n Reacting to inflation news in March, compared to that predicted by the OBR, Simon Clarke MP commented: \u201cOne fears that once again, the limitations of OBR modelling are being displayed.\u201d<\/p>\n In July, Ms Truss launched a new project called the Growth Coalition, which aims to advise politicians in the G7 about how to tackle the widespread crisis of declining growth and falling GDP per capita.<\/p>\n One of the group\u2019s jobs will be producing its own modelling, which it says will be more accurate than that produced and used by the current economic establishment like the Treasury and OBR.<\/p>\n They hope that more dynamic modelling of changes to tax and spending at budgets will better project the effects and costs of certain policies five, 10 and 20 years down the line.<\/p>\n For example, a tax rise won\u2019t merely be interpreted as bringing in “x” amount of money to the Treasury coffers, but analyse the wider effect of the policy, and how it may encourage reduced spending, earning and productivity.<\/p>\n
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