Can Liz Truss regain market confidence?

When the Liz Truss camp floated the idea of side-lining the Office for Budget Responsibility for her government’s first fiscal statement, the argument went that the announcements would be targeted at the energy crisis – and they couldn’t wait. As anticipation around the fiscal event grew, and it became clear that it would include much more than an energy update, MPs started to suspect foul play – that this was an overtly political attempt to avoid scrutiny of Kwasi Kwarteng’s growth plans and spending splurge.

This suspicion is only going to grow now that the OBR has confirmed that draft forecasts were presented to the Chancellor on his first day in the role – and its offer to provide updated forecasts to include the massive energy subsidies was outright rejected.

Cue damage limitation. This morning Truss and Kwarteng invited the head of the OBR into Downing Street to discuss the fallout from last week’s announcements (and lack of forecasts) in the markets.