One of Rachel Reeves’ first moves on becoming Chancellor of the Exchequer was to give greater power to Britain’s budget watchdog. Little more than a year later, prominent members of her own Labour Party want to curtail it.
The Office for Budget Responsibility is under fire after mistakenly releasing its much-anticipated analysis of Reeves’ annual budget an hour before she stood up to unveil it to lawmakers. The error sent markets gyrating and gave critics fresh evidence to argue that the some 50 unelected bureaucrats at the agency wield too much influence over the UK’s public finances.
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