UK's Labour pledges to submit all budget plans to fiscal scrutiny

FILE PHOTO: Britain's Shadow Chancellor of the Exchequer Rachel Reeves appears on a screen during the Britain's Labour Party's annual conference in Liverpool, Britain, September 26, 2022. REUTERS/Henry Nicholls/file photo

LONDON (Reuters) - Britain's opposition Labour Party has promised to set in law a requirement that government tax-and-spending plans be reviewed by fiscal regulators, a year after former prime minister Liz Truss's uncosted "mini-budget" rocked financial markets.

"We will guarantee in law that any government making significant, permanent tax and spending changes will be subject to an independent forecast of its impact from the OBR (Office for Budget Responsibility)," Labour's would-be finance minister Rachel Reeves said.