Kwarteng snared in Treasury trap for Labour

George Osborne created the OBR as a rod for chancellors’ backs. Now it risks damaging the Conservatives, writes

‘In the prevailing atmosphere of distrust, markets will be reluctant to take vague promises of future austerity at face value’

Tom Rees

Just days after being handed the keys to No11, George Osborne sought to remove the temptation for future chancellors to “fiddle the figures”. By setting up the Office for Budget Responsibility just as Britain emerged from the wreckage of the financial...

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