Robert Jenrick will today deliver a keynote speech to set out Reform UK’s plan for the Office for Budget Responsibility and the Bank of England.The Newark MP will back the two economic institutions during his first speech since being unveiled as Nigel Farage’s Shadow Chancellor yesterday. Mr Jenrick will place restoring stability and eliminating wasteful spending at the heart of Reform’s economic pitch. Despite looking to reassure the Square Mile, Mr Jenrick is expected to confirm the Bank of England will be stripped of ancillary responsibilities and criticise “excessive quantitative easing”. Meanwhile, Mr Jenrick will blast the OBR for overestimating the economic benefits of low-skilled migration and underestimating the benefit of taxes.He is expected to say:“Everything Reform promise will be fully-costed. And because we’re confident about the approach we will take, we’re happy to have our homework marked.”The OBR is far from perfect. But the impetus for its creation was a desire to instill fiscal discipline, and that is something we wholeheartedly endorse. “Rather than abolish it, we will reform it. We will break up this cosy consensus and ensure it has diversity of opinion. “And we’ll run competitions for superforecasters to join the body and pay competitive salaries to those who most accurately model the impact of Treasury decisions.”Mr Jenrick will add: “Under Reform, the Bank of England will remain independent.”Our interest will always be keeping inflation low because that is how we will keep people’s bills down. “So we will strip the Bank of distractions which have been loaded onto it. That includes the requirement for the Bank to help the transition to Net Zero.And we will demand that the Bank must is a more open institution, and the private sector better represented on the Monetary Policy Committee.”FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY…’Not serious!’ Mel Stride blasts Robert Jenrick over ‘back-of-a-fag-packet’ plan for economyShadow Chancellor Sir Mel Stride MP has taken aim at his Reform counterpart Robert Jenrick over his plan to shake-up the City of London.Speaking ahead of Mr Jenrick’s first speech since being unveiled as Reform UK’s pick for No11, Sir Mel said: “Reform are not serious on the economy. Jenrick claims Reform are happy to have their homework marked, yet they still haven’t explained the £10.5billion black hole in their pubs plan, and when challenged on it they said they were ‘not interested in the numbers’.”Make no mistake – Reform’s back-of-a-fag-packet numbers would not withstand contact with OBR scrutiny. Their recklessness would leave our economy weaker.”Reform’s plans for the OBR are in chaos. Just last month Farage was saying he was looking at abolishing the OBR. It’s the same old story with Reform – say one thing, then row back as soon as questions are asked. They have no plan and no principles.”Only the Conservatives have a leader with a backbone, the plan and the team to get Britain working again and build a stronger economy.”Labour’s damning verdict on Robert Jenrick ahead of ‘Shadow Chancellor’s speechA top member of Sir Keir Starmer’s Cabinet has spoken out ahead of Robert Jenrick’s speech in the City of London today.Dan Tomlinson MP, Labour’s Exchequer Secretary to the Treasury, said: “Robert Jenrick is trying to pull the wool over people’s eyes but he can’t hide from his appalling record in Government.“Reform’s new cosplay ‘Shadow Chancellor’ has long lambasted the OBR, he backed Liz Truss’s disastrous mini-Budget which triggered an economic meltdown, and his new party has already made billions of pounds in unfunded spending commitments. “Jenrick and his former Tory Party smashed family finances, and he’d do the same again through Reform. “While Reform and their Tory defectors have talked down and trashed our economy, this Labour Government has made the fair choices to fix our economy.”Our action has seen inflation and interest rates falling, the economy growing, and wages rising – putting money back in people’s pockets.”
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