London politics LIVE: Poll gives Labour 33-point lead over Tories as Kwasi Kwarteng calls for unity amid mini-Budget backlash

A new poll has given Labour a 33 point lead over the Tories as Kwasi Kwarteng and Liz Truss come under renewed pressure over their controversial economic plan.

The lead - thought to be the largest any political party has enjoyed since the late 1990s - comes as the Chancellor doubled down on his mini-budget, saying the Government “is sticking to the growth plan”.

The new YouGov poll, carried out on Wednesday and Thursday, put Labour on 54% with the Conservatives on 21%.

It follows market turmoil following last Friday’s mini-budget, which announced wide-ranging tax cuts funded by huge additional public borrowing.

On Thursday, US Secretary of Commerce Gina Raimondo joined those criticising the plan, as she said the package of measures “isn’t going to fight inflation” or promote long-term economic growth.

“Investors, business people want to see world leaders taking inflation very seriously, and it’s hard to see that out of this new government,” she said.

However Chancellor Kwarteng insisted the Government is “sticking to the growth plan” and that it is “going to help people with energy bills”.

In a message to Tory MPs, the Chancellor wrote: “I understand your concern. We are one team and need to remain focused. The only people who win if we divide is the Labour Party”.

Earlier, the Prime Minister also defended the fiscal plans but refused to guarantee whether people’s pensions are safe.

Speaking to BBC Radio Bristol during an interview round on Thursday, she was asked by presenter James Hanson if she could rule out further shocks to pensions after the Bank of England was forced to intervene on Wednesday.

Despite being pressed by the presenter, Ms Truss refused to rule out any further threats to pensions, instead saying: “Well, the Bank of England do that and they do a very good job of it.”

The Bank of England stepped in to stop a collapse in pension fund investments with a £65 billion bond-buying programme to address what it described as a potential “material risk to UK financial stability”.

Liz Truss defends mini-Budget

08:04 , Sarah Harvey

Speaking to BBC Radio Leeds, Ms Truss has defended the Chancellor’s mini-Budget announcement.

She claimed the Government has taken decisive action with a cap on energy prices and that she understand families “are struggling”.

“What’s important to me is that we get our economy moving,” she said.

Asked on the mini-Budget, she said it has opened up new infrastruture projects which will be able to get on with helping local regions across the country.

Liz Truss: We acted to protect the public from energy costs

08:09 , Sarah Harvey

The prime minister continues by insisting the Government has put the country on the right path.

Considering the rise in inflation and interests rates, Ms Truss is asked if her initial measures have done enough.

In a pre-recorded clip, Lee, a Leeds resident claims he would not be able to survive if he didn’t have a food bank.

Ms Truss replied to say the action taken on energy bills means that many won’t be hit with bills of £6,000.

She adds the “action we have taken” will help get jobs to Leeds and build further infrastructure.

‘We had to act as a Government.’ says Liz Truss

08:15 , Bill Mcloughlin

Speaking to BBC Radio Norfolk, the prime minister continued her defence of the new measures.

Asked on the financial turmoil, Ms Truss said the situation would have been worse if the Government had not acted to reduce energy bills.

By doing so, she believes the Government has “avoided the economic slow down which was predicted”.

Ms Truss then adds that her priority was to protect the British public before saying “I have to do what is right for out country and to move it forward”.

She then insists that it is important the UK is on the front-foot to growth, to make sure the economy grows.

Liz Truss: Our plan is the right one

08:18 , Bill Mcloughlin

Again, the prime minister insists the protection on energy bills was an essential move for the British public.

Asked on local issues in Norfolk such as the NHS, Ms Truss refuses to comment on whether King’s Lynn will get a new hospital.

Liz Truss asked: ‘Are you ashamed of what you’ve done?’

08:23 , Bill Mcloughlin

The prime minister is quick to defend her Government’s measures following the mini-Budget despite the backlash following the bold announcement.

Ms Truss claims the measures taken on energy bills will curb inflation by up to five per cent this winter.

Asked on the Bank of England’s intervention, she insists the Government is working in tandem with the financial institution to protect the economy.

After the pound plummeted last week, Ms Truss said the Government has “taken difficult decisions” and as prime minister, she is willing to continue to do so.

Liz Truss questioned on fracking

08:27 , Sarah Harvey

Speaking to BBC Radio Lancashire, the prime minister defended the decision to restart the controversial process, claiming that any fracking must have “local community consent”.

She then added that the UK has become dependent on global energy prices, and that she wants to see the country become more energy independent.

Liz Truss: Fracking will be done with local consent

08:31 , Sarah Harvey

The prime minister was asked about a local fracking site in Preston and insisted the Government will only proceed with local consent.

Ms Truss was further questioned about tax cuts and whether she believed Red Wall voters would see them as fair.

The prime minister defended her position, before saying there was a “global economic situation” taking place.

She added: “What we’re also doing is taking action to speed up growth across the country.”

Ms Truss concluded by saying she “couldn’t allow ther situation to drift”.

Liz Truss: Our energy plan has protected the UK

08:39 , Sarah Harvey

Speaking to BBC Radio Nottingham, the prime minister said the UK was facing high inflation and a slowing economy before the measures were introduced.

Quizzed on the remarks by David Gauke and former Bank of England governor, Mark Carney, Ms Truss repeats her claim that the measures will protect against further inflation.

The prime minister then defends the move to protect energy bills, which would have closed shops and pubs across the country.

Asked about mortgage payments, Ms Truss said it was“important” the Bank of England can set interest rates independently but ultimately, the war in Ukraine has caused a rise in global energy prices.

“If we do not grow our economy, that means there won’t be new investment, there won’t be new jobs,” Ms Truss said.

Although the measures may be unpopular, the prime minister claims the Government wants to increase growth.

Ms Truss insists she and the Chancellor have “taken action” to help grow the economy.

‘We need to remember the situation we were facing,’ says Liz Truss

08:46 , Bill Mcloughlin

Speaking to BBC Radio Tees, Ms Truss repeats the benefits of the new energy price cap plans.

Played a clip from a woman who has been forced to sell her house due to the economic situation, Ms Truss said her priority was people who are facing “appalling fuel bills”.

The prime minister claimed the Government has taken “decisive action”.

“What I’m about is making sure the British people are protected from global energy prices,” Ms Truss said.

Asked on child poverty, and the rise in the northeast, Ms Truss said the Government wants to get more people into work to get high paid jobs.

‘This is all down to Putin,’ says Liz Truss

08:54 , Bill Mcloughlin

Speaking to BBC Radio Bristol, Ms Truss is asked on the fall out from the economic measures announced last week.

Ms Truss insists the international markets are struggling due to the war in Ukraine.

Asked if pensions are safe, Ms Truss said the Bank of England does a good job of helping to protect the economy.

She adds that this is a “global financial situation” and the Government has stepped in to help.

Ms Truss adds that it is important to have lower taxes across the board to prevent an economic slow down, and ultimately, move the public onto higher wages.

Liz Truss asked: ‘Have you crashed the economy?’

09:05 , Bill Mcloughlin

Speaking to BBC Radio Stoke, the prime minister insists the Government has taken decisive action to protect the economy despite the backlash following last week’s announcement.

She references the projected reduction of inflation this winter due to the energy price package.

Asked on rising mortgage repayments, Ms Truss insists interest rates have risen across the world, as well as the UK.

Questioned on whether she would reverse the measures announced last week, Ms Truss said the majority of the package was the crucial energy price plan.

She adds that putting up taxes during an economic slow down would have been a “grave mistake”.

On rising food prices, Ms Truss says the energy package will help reduce overall inflation and therefore, food prices overall.

“Farmers, people that produce food, have energy going into their production so it will help reduce prices overall,” she explains.

Ms Truss then insists that another windfall tax on energy companies would dissuade growth and investment in the country, following a question from the public.

She also claims the new measures will help attract companies to the region to continue the building projects which have been planned.

‘Next year, will you be spending more or less on public services?’, Treasury minister asked

09:22 , Bill Mcloughlin

Investors continue to sell off UK bonds

09:41 , Bill Mcloughlin

As reported by Bloomberg’s Kitty Donaldson, investors have continued to sell off UK Government bonds despite Liz Truss’s attempts to calm the market.

The yields - the rate of interest - for UK Government gilts has risen by 4.56 per cent so far today increasing the concern surrounding the economy.

‘UK in a troubled situation still,’ says former Treasury minister

10:04 , Bill Mcloughlin

Lord O’Neill, former chairman of Goldman Sachs and a former Treasury minister, has warned the UK remains dire situation despite the Bank of England’s intervention on Wednesday.

Derspite praising the bank for stepping in to buy up Government debt, he said: “The problem is from a strategic, structural perspective, it merely highlights the lack of coherence of what’s going on now with both monetary and fiscal policy.

“We are in a pretty troubled situation still, despite the short term benefit of what the bank did.”

Martin Lewis issues important price cap clarification

10:22 , Bill Mcloughlin

Following Liz Truss’s interview round, where she claimed the energy price cap guarantee will cap prices at £2,500, the Money Saving Expert founder issued an important clarification.

Instead of capping the annual spend of household at £2,500, the new price cap guarantee will limit daily charges and unit rates.

Martin Lewis: Crisis for mortgages awaits if interest rates rise

11:11 , Bill Mcloughlin

A mortgages "ticking timebomb" awaits if UK interest rate rises follow market predictions, Martin Lewis has warned.

Speaking on ITV's Good Morning Britain, the consumer champion suggested those with variable rate mortgages or fixed-rate deals coming to an end in the next three to five months could go on a comparison website to see what is currently available.

The MoneySavingExpert.com founder said: "Then check your existing company to see what it will give you and then mortgage brokers are worth their weight in gold right now."

Mr Lewis said that, for some, there may be a logic to breaking their fixed deal, but he added: "It is not right for everyone - you want the mortgage broker to do those numbers."

There have been recent suggestions the Bank of England may need to raise interest rates to as high as 6 per cent.

Mr Lewis said that scenario would be “catastrophic for mortgage holders”, highlighting the costs it could add to mortgages.

Labour repeats call to reconsider mini-Budget

11:25 , Bill Mcloughlin

Pat McFadden, shadow chief secretary to the Treasury, told BBC News the measures announced last week were a “reckless act of choice” which had “wreaked havoc in financial markets”.

He added: “We had the extraordinary intervention by the Bank of England to stop major pension funds going off a cliff.

“It is really important now that we try to get some stability back into those markets and in the longer term restore the economic credibility of the country.”

Fiscal statement fixed for November, says minister

11:50 , Bill Mcloughlin

Despite the fiancial fallout, Treasury minister Chris Philp has insisted the date of the fiscal update will not be moved forward.

Speaking to the Today programme, he said the date remains fixed for November 23.

Over 300 residential mortgage products withdrawn

12:04 , Bill Mcloughlin

According to Moneyfacts, 321 residential mortgage products have been withdrawn in the last 24 hours.

A total of 40 per cent of products have been removed from the market since Friday’s mini-Budget announcement.

Departments will need to make efficiency savings, hints Liz Truss

12:25 , Bill Mcloughlin

Liz Truss indicated that Government departments will have to find efficiency savings after Treasury chief secretary Chris Philp earlier confirmed they would have to stick to existing spending limits.

In a pooled clip for broadcasters, the Prime Minister said there were “plenty of areas” where Government could become more efficient.

“It is absolutely right that we always need to get value for taxpayers’ money. Every pound we take from somebody is a pound we could be spending on their future, on what they need to support themselves.

“There are always ways that we can organise things more efficiently.

“What I want to make sure is that taxpayer money is focused on frontline services, on getting our GP appointments, making sure people can see a doctor, making sure we deliver on our road projects, all of those things people rely on us for.

“There are plenty of areas the Government can become more efficient.”

Lib Dems reiterate call for Tory conference to be cancelled

13:06 , Bill Mcloughlin

Sir Ed Davey has repeated his call that the Tory conference should be cancelled following the economic fall out from the mini-Budget announcement.

Ken Clarke calls for urgent Government statement

13:40 , Bill Mcloughlin

Ken Clarke, former Tory chancellor, has called on the Government to make a statement in the near future in order to calm the markets.

He told Times Radio: “Ideally, that statement should come in the next two or three days. But we don’t want [to rush] into something else more stupid.

“Basically, we can’t have both the government and the Bank of England saying that they’re not able to do anything more till November, that would be very, very worrying.

“If the pound sinks any further, then they will have to perhaps retract some of the measures.”

Kwarteng: ‘Sticking to growth plan’

14:42 , Will Mata

The Chancellor has told interviewers that he will continue as planned.

Asked if he had a message for the financial markets as he prepared to visit a local business in Darlington, Kwasi Kwarteng told the PA news agency:

"Absolutely. We are sticking to the growth plan and we are going to help people with energy bills. That's my two top priorities."

Treasury minister does not confirm whether benefits will be increased

14:47 , Will Mata

U-turning on a commitment to increase benefits in line with inflation would lead to disabled people "starving and freezing in their own homes", a charity has warned.

As the Government looks to cut spending, Treasury minister Chris Philp did not confirm whether benefits will be increased in line with spiralling inflation.

In May this year, then-chancellor Rishi Sunak said benefits would be uprated by this September's Consumer Prices Index (CPI), subject to a review by the Work and Pensions Secretary.

Mr Philp told ITV's Robert Peston that the matter is “under consideration”.

When pressed, he added: "I am not going to make policy commitments on live TV, it is going to be considered in the normal way, we will make a decision and it will be announced I am sure in the first instance to the House of Commons."

Call for cast iron assurance on no further public service cuts

14:56 , Will Mata

Trade unions are demanding a "cast iron assurance" there will be no further cuts to public services after the Treasury warned there would be no extra cash to compensate for soaring inflation.

Liz Truss signalled that Whitehall departments would have to find efficiency savings to make up for the falling real-terms value of their current spending settlements.

"There are always ways that we can organise things more efficiently. What I want to make sure is that taxpayer money is focused on frontline services," the Prime Minister said in a pooled clip for broadcasters.

The slump in the value of the pound after the markets took fright following chancellor Kwasi Kwarteng's £45 billion in unfunded tax cuts has added to the inflationary pressures from sky-high energy prices.

Earlier, treasury chief secretary Chris Philp said departments would be conducting an "efficiency and prioritisation exercise" as he insisted the existing three-year spending settlements would not be reopened.

"The efficiency and prioritisation exercise is designed to firstly make absolutely sure we stick to those spending limits and secondly make sure that we are prioritising expenditure, not on anything that is wasteful, but on things that really deliver frontline public services and drive economic growth," he told Sky News.

"We are going to stick rigidly to those spending limits because it is important to be financially responsible."

Mr Philp had previously refused to commit to the regular annual uprating of benefits in line with inflation, which Rishi Sunak had promised to do when he was chancellor.

However TUC general secretary Frances O'Grady said that after years of austerity there was simply no scope for further efficiencies.

Alleged Tory party attack lines released, reports state

15:29 , Bill Mcloughlin

A document reportedly published by Conservative Party HQ has been published.

In the document, released by Politics Home’s Adam Payne, MP are told to reinforce the stance that the Government “needed to act urgently”.

Two other seperate subheadings on sheet state that the “growth plan will put the UK on a path to higher growth” and “This Government is committed to responsible economic management”.

Labour more trusted than Tories on the economy, poll states

16:03 , Bill Mcloughlin

Voters have more confidence in Labour than the Conservatives to tackle current economic challenges, a poll has found, as the fallout from the Chancellor's mini-budget continues.

A survey by Ipsos of 1,000 adults after Kwasi Kwarteng's announcement on Friday, but before Sir Keir Starmer's conference speech, found 40% trusted Labour "a great deal" or a "fair amount" on the economy overall.

This compared with 33% who said they trusted the Conservatives.

Voters also said they had more faith in Labour to tackle the cost-of-living crisis specifically.

The poll showed 39% were confident the opposition would reduce the burden on households, in contrast to 28% for the Conservatives.

The proportion of people who thought the Government should do more to support households in their local area on the cost of living has fluctuated in recent months.

Just over half (54%) said the Government was not providing enough support, down from 66% in August but up from 49% in May.

Chancellor committed to pensions triple lock

16:12 , Bill Mcloughlin

Kwasi Kwarteng has said the Government is “absolutely committed” to the pensions triple lock.

Speaking while visiting a business in Darlington, Mr Kwarteng was asked whether the lock was guaranteed to go up at this month’s inflation rate.

He replied: “The PM has been absolutely committed to the triple lock and we are absolutely committed to maintaining it.”

US Commerce Secretary slams UK mini-budget

16:43 , Lydia Chantler-Hicks

US Secretary of Commerce Gina Raimondo has slammed the UK government’s economic plan, saying it is “not the one we’re pursuing”. “The policy of cutting taxes and simultaneously increasing spending isn’t one that is going to fight inflation in the short-term, or put you in good stead for long-term economic growth,” she told Channel 4 News.

“The markets have plummeted, the pound has plummeted...it’s early going for that new strategy, but...it’s not the one we’re pursuing.

“It’s a brand new government, it was an unancitipcated, significant move, so it’s hard to know how much what the markets are saying [is because] they’re opposed to that approach, as much as they’re saying ‘we want predictability, we want responsible government, we want stability’.

“Investors, business people want to see world leaders taking inflation very seriously, and it’s hard to see that out of this new government.”

Kwarteng ‘sends message to reassure Tory MPs’ over mini-budget concerns

17:07 , Lydia Chantler-Hicks

The Chancellor is reported to have sent a message to Tory MPs, in a bid to reassure them over concerns about the Government’s financial plan.

In the message, seen by Sky News, Kwasi Kwarteng is understood to say: “I understand your concern. We are one team and need to remain focused.

“There is immense global market volatility - not just a UK issue - being driven by war, Covid hangover, and a super strong USD all other major currencies are wrestling with (see Japan this week; Euro down).

“The path we were on was unsustainable - we couldn’t simply continue to raise taxes.”

He is then said to have promised to show the Government’s plan is “sound, credible and will work to drive growth”.

He reportedly finished by calling for Conservative MPs to back the plan, adding: “The only people who win if we divide is the Labour Party”.

His message came amid backlash from some Tory MPs, who have voiced concerns over the mini-budget and negative impact it has had on the UK market.

‘Labour will fight reduction in highest income tax’, says Shadow Chancellor

17:09 , Lydia Chantler-Hicks

Labour will “do everything we can” to fight the reduction in the 45p rate of income tax set to benefit the most wealthy.

Shadow chancellor Rachel Reeves told broadcasters on Thursday: “We will do everything we can to fight this reduction in tax for the very wealthiest in society.

“It is very wrong that it is ordinary families through their pensions and their mortgages, and those on the lowest incomes who are reliant on both in-work benefits or disability benefits, who are paying the price for this Government’s disastrous budget.”

Truss: ‘I understand the situation is serious - but these things take time’

17:15 , Lydia Chantler-Hicks

Liz Truss has said she understands that people are facing “difficult times” and that the country is in a “very serious situation”.

In a series of TV interviews with BBC political editors from various UK regions, she denied that her attitude to the current market chaos was “crisis, what crisis?”

She told the BBC’s Look North Hull: “I’m not saying that at all.”

“I think we’re in a very serious situation. It’s a global crisis which has been brought about by the aftermath of Covid, and (Vladimir) Putin’s war in Ukraine.”

Liz Truss said that her growth plan would “take time”, in a series of interviews with BBC regional broadcasters.

Asked by the BBC’s Look East Cambridge how long it would take for the “growth plan” to work, the Prime Minister said: “Some of these things will take time, that’s no doubt true, but the best time to start is today on those programmes.”

She also told BBC Scotland that the Government will “get borrowing back on track”.

‘Pound collapse not just down to global pressures’, says BoE economist

17:22 , Lydia Chantler-Hicks

The chief economist at the Bank of England has said there is “undoubtedly a UK-specific component” to recent market movements, which have seen the pound collapse and the cost of Government borrowing soar.

“Over the course of the past week, there has been a significant repricing of financial assets,” Huw Pill told an audience in County Down, Northern Ireland.

“Part of that re-pricing reflects broader global developments. Part of it reflects the ongoing normalisation of macroeconomic policy after the pandemic-induced episode of exceptional ease.”

His comments came a day after the Bank stepped in to launch a programme of gilt buying, to avoid a massive collapse of British pension funds.

Earlier on Thursday Prime Minister Liz Truss blamed the recent sell-off on Russia.

‘Mini-budget analysis must be brought forward urgently’, says Treasury Select Committee chair

17:26 , Lydia Chantler-Hicks

The chair of the Treasury Select Committee, Mel Stride, has said it is “critical” that economic analysis of the Chancellor’s mini-Budget is brought forward after the tax-cutting plans threw the markets into turmoil.

The Conservative MP said the Office for Budget Responsibility (OBR) – which was not asked to provide a forecast when the fiscal announcement was made last week – and the Chancellor’s next planned statement currently scheduled for November 23 should be brought forward to the end of October.

“Urgent need now to increase confidence of markets that HM Treasury Kwasi Kwarteng fiscal plans stack up,” he tweeted.

“So it is critical that OBR forecast and Chancellor’s statement are brought foreword to end October or earlier.”

In the series of tweets, Mr Stride also confirmed that the OBR would issue it first iteration of forecasts on the fiscal plans privately to the Treasury on October 7.

Treasury Committee asks Chancellor to meet with them as soon as possible

17:27 , Lydia Chantler-Hicks

The Treasury Committee has written to Chancellor Kwasi Kwarteng urging him to appear before them shortly after the Commons resumes sitting on October 10 following the conference recess.

The MPs said it was disappointing he had asked to postpone an appearance until after his planned November 23 fiscal statement, noting that his predecessors routinely appeared before the committee following fiscal events.

The letter urged him to move the November 23 fiscal statement “to as early a date as possible” given “the continued uncertainty within markets” and in particular before the Bank of England’s Monetary Policy Committee meets on November 3 to take “a critical decision around the level of base rate which will in turn have significant implications for the economy and for millions of businesses across the UK”.

The committee also wants the Chancellor to publish immediately the Office for Budget Responsibility economic and fiscal forecast given to him when he took office.

Poll gives Labour huge lead over Tories

18:13 , Lydia Chantler-Hicks

Labour have a 33 point lead over the Tories, according to new polling.

The poll by polling company YouGov, carried out on Wednesday and Thursday, put Labour on 54% compared to the Conservatives’ 21%.

It comes amid market turmoil and public outcry following last Friday’s mini-budget.

Tory former minister calls on Government to ‘take responsibility’

18:15 , Lydia Chantler-Hicks

Former Cabinet minister Julian Smith has called on the Government to “take responsibility” for the market chaos of recent days.

The Tory MP for Skipton and Ripon tweeted: “The Government must scrap 45p, take responsibility for the link between last Friday & the impact on peoples mortgages & make clear that it will do everything possible to stabilise markets & protect public services.”

Bank of England contradicts PM on cause of market chaos

18:50 , Michael Howie

The Bank of England’s chief economist has said there was “undoubtedly a UK-specific component” to the turmoil in financial markets in recent days - contradicting Liz Truss’s earlier insistance the pound’s collapse was triggered by “global crisis”.

Speaking in Northern Ireland, Huw Pill, said the fall in the sterling was partly as a result of the government’s economic strategy.

“Over the course of the past week, there has be a significant re-pricing of financial assets. Part of that re-pricing reflects broader global developments,” he said. “But there is undoubtedly a UK-specific component.”

Former minister urges PM to find a ‘Plan B'

18:54 , Robert Dex

Former conservative minister George Freeman urged the PM to agree “a Plan B”.

The MP said it was clear the current policies “can’t command market or voter confidence”.

Tory MP rules out immediate leadership challenge to PM but says government policy does not ‘make a lot of sense'

19:41 , Robert Dex

Sir Charles Walker, a Tory MP, ruled out any immediate leadership challenge to Liz Truss but was highly critical of the approach taken by the Government in recent days.

Appearing on Channel 4 News, he admitted his party would likely lose an election if it was called.

“We’ve made our bed, we’ve got to lie in it,” he said.

“Overall, the statement doesn’t seem to make a lot of sense both to markets and members of parliament. The Government needs to recognise that. It can’t go blaming journalists for not understanding it, it can’t go blaming what’s going on in the world for the way it has been received.

“It has been received in the way it has been received, because people just didn’t think it added up.”

SNP Westminster leader slams Government’s lack of OBR forecast

21:09 , Lydia Chantler-Hicks

Ian Blackford MP, the SNP’s Westminster leader, called it “utterly damning” that the Government failed to commission a forecast from the OBR.

He said: “The revelation that the OBR offered to provide a forecast to the Chancellor to go alongside his fiscal statement last week, but that it was not commissioned by the Tory government is utterly damning.

“This is in spite of the OBR confirming that it was in a position to produce an updated forecast that satisfied the legal requirements of the Charter for Budget Responsibility.

“Over the past week we have witnessed the devastating impact of the Tory budget, hitting people’s mortgages, putting pensions at risk, and hammering household budgets.

“The Prime Minister and Chancellor cannot keep ducking accountability. They must set out why they did not commission economic forecasts from the OBR to accompany their disastrous budget, and they must recall Parliament urgently and reverse their reckless plans.”

OBR says it could have created a forecast for mini-budget, but was not asked

21:16 , Lydia Chantler-Hicks

The Office of Budget Responsibility has confirmed that it could have produced an economic forecast in time for the Chancellor’s fiscal event, but was not asked to do so by Kwasi Kwarteng.

It adds further details to ongoing objections that the Chancellor made his mini-budget, which included £45 billion of tax cuts, without a clear economic forecast to back it up.

In a letter to the Scottish National Party’s Westminster leader Ian Blackford and the party’s shadow chancellor Alison Thewliss, the chair of the OBR confirmed that the body sent “a draft economic and fiscal forecast to the new Chancellor on 6 September, his first day in office”.

Richard Hughes wrote: “We offered, at the time, to update that forecast to take account of subsequent data and to reflect the economic and fiscal impact of any policies the Government announced in time for it to be published alongside the ‘fiscal event’.”

“In the event, we were not commissioned to produce an updated forecast alongside the Chancellor’s Growth Plan on 23 September, although we would have been in a position to do so to a standard that satisfied the legal requirements of the Charter for Budget Responsibility.”

Chancellor and PM to meet with OBR head, reports say

21:41 , Lydia Chantler-Hicks

The Prime Minister and the Chancellor will be meeting with the head of the Office of Budget Responsibility Richard Hughes on Friday, the latest move to reassure the markets after days of market turmoil following Friday’s mini-budget, the PA News agency understands.

Kwasi Kwarteng is facing calls to bring forward his planned statement setting out how he intends to get the public finances back on track after the OBR said it could produce a preliminary set of forecasts by October 7.

The Chancellor has said he would deliver his medium-term fiscal plan explaining how he would get debt falling as a percentage of GDP, alongside the updated OBR forecasts, on November 23.

Thanks for reading. That is the end of our live coverage tonight.

21:42 , Robert Dex

Thanks for reading. That is the end of our live coverage tonight.