Sterling fell back sharply after hopes that the publication of economic forecasts from the Office for Budget Responsibility (OBR) would be brought forward appeared to be dashed.
Prime minister Liz Truss and chancellor Kwasi Kwarteng met officials from the OBR this morning in a meeting which PA Media said lasted just 48 minutes.
Following the meeting, the OBR confirmed it will deliver an initial forecast to the chancellor on 7 October which “will, as always, be based on our
independent judgment about economic and fiscal prospects and the impact of the government’s policies”.
Truss and Kwarteng have been facing calls from the Treasury Select Committee to allow the OBR to release forecasts earlier to reassure the markets, public and parliament that their plan will lead to higher growth.
However, they appear to be holding firm against that idea.
The Treasury said the upcoming economic and fiscal forecast will be published on 23 November and pledged to work closely together throughout the forecast process and beyond.
The pound, which had been trading above US$1.12 in early deals, fell after the meeting and is now down 0.43% at US$1.1064.