Treasury Under Fire for Not Disclosing £9.5bn Overspend, OBR Claims
The UK’s Office for Budget Responsibility (OBR) has criticized the Treasury for failing to disclose a £9.5 billion overspend prior to the last government’s budget, potentially violating the law. OBR chair Richard Hughes stated that this omission has significant implications for financial assessments, with Labour arguing it highlights a £22 billion ‘hole’ left by the Conservatives. Hughes noted that a breakdown in communication within the Treasury contributed to this lack of information, although he believes such failures will not recur in the future. Political tensions escalate as accusations of inadequate fiscal transparency surface.