Reform plans to keep UK's budget watchdog

The UK government has announced plans to reform the Office for Budget Responsibility (OBR), the independent body that provides economic and fiscal forecasts. Robert Jenrick, the Housing Secretary, has promised to keep the OBR in place, rather than abolish it, in a move to reassure financial markets. The OBR has been a crucial institution in the UK's economic policymaking, providing independent analysis and forecasts that inform the government's decision-making. The reform plans aim to strengthen the OBR's role and ensure its continued independence. Jenrick's statement comes amid concerns that the government might consider abolishing the OBR, which could undermine the credibility of the UK's fiscal policy and erode investor confidence. By committing to reform the OBR, the government aims to maintain the institution's credibility and demonstrate its commitment to transparent and accountable economic management. The details of the reform plans are yet to be announced, but the government's decision to keep the OBR in place is seen as a positive step in maintaining the UK's economic stability and market confidence.