The U.K. Treasury announced Monday it was bringing forward the publication of an independent review into its budget plans to the end of October.
It marks the second time the U.K. government brought their plans forward, after initially saying the plan would come next year, and then saying it would come in November.
“Upon my arrival in office, I received preliminary analysis from the OBR, but I have since made significant policy announcements including the Growth Plan. It is important that a forecast includes a full and final assessment of the impact of policy measures on the economy and public finances and, as such, it would not be appropriate to publish the initial analysis that the OBR provided,” said Kwarteng in a letter to the Treasury Select Committee.
The decision comes on the same day the Bank of England doubled the size of its bond-buying auctions that are due to expire at the end of the week.
Bond yields were still higher on the day, but off their highest levels. The 2-year gilt
TMBMKGB-02Y,
yield , as high as 4.23%, was at 4.18%, while the 30-year gilt
TMBMKGB-30Y,
which had a yield as high as 4.56%, was at 4.51%.
