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General election 2024 live: Cleverly quizzed on Conservative Party's national service plan - BBC News | General election 2024 live: Cleverly quizzed on Conservative Party's national service plan - BBC News |
(32 minutes later) | |
Dharshini David | |
Chief economics correspondent | |
The shadow chancellor has laid out pledges of spending injections | |
for some services and tax changes. But how soon might a budget happen if | |
Labour won? | |
During her appearance on Laura Kuenssberg's programme, Rachel Reeves repeated that there’d be a “fiscal lock”. | |
This means any | |
significant and permanent tax and spending changes would require a full | |
accompanying forecast from the independent Office for Budget | |
Responsibility, the OBR. | |
For that, normally, the OBR needs ten weeks notice. | |
And it is not allowed | |
to scrutinise the plans of a party while it’s in opposition. | |
So even if the OBR | |
started an initial broader evaluation of the economy now, it would still likely | |
need many weeks after the election to comprehensively incorporate and | |
evaluate those policies, if Labour is to follow through on its commitment for a | |
full process. | |
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