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.”
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Labour minister dismisses claims Labour will delay plans to raise minimum wage
A Labour minister has dismissed claims the Government may delay plans to raise the minimum wage for young people.
Wales Secretary Jo Stevens has said the reports are based on anonymous briefings and that Labour's position remains unchanged.
She rejected concerns from groups such as the Federation of Small Businesses that higher wages would increase youth unemployment, citing the Low Pay Commission’s view that there is no direct link between minimum wage rises and youth unemployment.
She told Sky News: "There's no evidence to suggest a direct correlation between rises in the national minimum wage and youth unemployment."
Shadow Commons leader dismisses Reform UK's claims they are the 'true opposition'
Herefordshire South MP Jesse Norman
|GB NEWS
A Conservative MP has dismissed Reform UK's claim they are the "true opposition" as Nigel Farage revealed his party's "Shadow Cabinet".
The Shadow Commons leader Jesse Norman told GB News: "I'm not going to get drawn on this. The constitution has a perfectly clear role for the official opposition. That's the Conservative Party.
"The Cabinet of the Opposition is the Shadow Cabinet. There's no ambiguity about that. That's how it always has been.
"We've had a number of Members of Parliament who, for career reasons, have decided to change their party and we wish them well but that's not anything I am focused about."
Welsh Secretary insists Eluned Morgan is a 'busy woman' amid Labour civil war
Welsh Secretary Jo Stevens
|GETTY
The First Minister of Wales "is a busy woman", the Welsh Secretary has insisted, after a delay in offering support for Sir Keir Starmer.
Jo Stevens faced questions on why Baroness Eluned Morgan had not immediately offered her support for the Prime Minister after Anas Sarwar called for him to resign.
The Welsh Secretary told Times Radio: "I don’t think she could have been any clearer.
"She’s a busy woman, she’s the First Minister of Wales, she’s not going to be able to do stuff, you know, seconds after Anas Sarwar does his press conference.
"But she was very clear backing the Prime Minister."
Keir Starmer and Donald Trump hold overnight crunch talks
Sir Keir Starmer held an overnight call with President Donald Trump where both agreed to condemn Vladimir Putin and called for more humanitarian aid for Gaza.
A Downing Street spokesman said: "The Prime Minister spoke with the President of the United States, Donald Trump, last night.
"The Prime Minister reiterated his condemnation of Putin’s barbaric attacks on innocent civilians in Ukraine, and the leaders discussed the ongoing negotiations to deliver a just and lasting peace.
"Turning to the situation in Gaza, the Prime Minister reflected on the current situation in the region and the importance of securing further access for humanitarian aid.
"He set out his support for the ongoing work to deliver the US-led peace plan.
"The two leaders confirmed their joint commitment to promoting stability and peace in the Middle East. They discussed the ongoing talks between the US and Iran taking place in Geneva over Iran’s nuclear programme.
"Both agreed that Iran must never be able to develop a nuclear weapon, and they reiterated the need to work closely amongst allies and partners to improve regional security."
Mel Stride says families are still 'feeling the pinch'
Shadow Chancellor Sir Mel Stride said: "Inflation remains above target thanks to Labour’s choices. Families are still feeling the pinch because of Labour’s economic mismanagement.
"This comes after the Office for National Statistics confirmed unemployment has risen to a five-year high, with youth unemployment now above the European average, and GDP per capita falling.
"Wes Streeting was right that Labour have no growth strategy.
"Britain is not being governed, the economy is weaker and working people are paying the price.
"Only the Conservatives have a plan for a stronger economy, and a leader with the backbone to deliver that plan and get Britain working again."
Rachel Reeves insists Labour's economic plan is 'the right one' as inflation eases
Rachel Reeves has insisted Labour's economic plan is "the right one" as UK inflation eased to its lowest since March last year.
The Chancellor said: "Cutting the cost of living is my number one priority.
"Thanks to the choices we made at the budget we are bringing inflation down, with £150 off energy bills, a freeze in rail fares for the first time in 30 years and prescription fees frozen again.
"Our economic plan is the right one, to cut the cost of living, cut the national debt and create the conditions for growth and investment in every part of the country."
Liberal Democrats say businesses are feeling 'bleak' about the economy under Labour
A senior Liberal Democrat has said businesses in her Shropshire constituency are feeling "bleak" under Labour.
Reacting to this morning's drop in inflation, the party's health spokeswoman Helen Morgan told GB News: "It's good news but long overdue.
"I spent yesterday in my constituency with businesses they felt quite bleak about the future.
"They felt the jobs tax has caused a lot of problems, they're struggling to recruit in some circumstances.
"I think there's a lot of gloom about the economy so this will be a slither of good news but we need to see the Chancellor do better."
Inflation drops to 3% with Bank of England interest rate cut on the cards
The consumer price index (CPI) rate of inflation fell sharply to three per cent in the 12 months to January.
The fall is in line with the predictions of many economists, with easing pressures across airfares, food, and energy being cited as key factors.
The fall is a ten month-low reading for inflation, and will be seen as a positive step towards the Bank of England's two per cent inflation target.
Keir Starmer to make first public appearance since cancelling elections U-turn as PM rushes to key Reform battleground
Sir Keir Starmer is set to make his first public appearance since abandoning plans to cancel local elections for 4.5 million Britons.
The Prime Minister will travel to Wales today and meet First Minister Eluned Morgan ahead of a crunch showdown with Plaid Cymru and Reform UK on May 7.
However, Sir Keir's decision to reinstate thirty English council polls, originally delayed to assist local authorities with a major reorganisation programme, came after Reform UK mounted a legal challenge.
Legal advice prompted the Ministry of Housing, Communities & Local Government to abandon the postponement on Monday.
'Not serious!' Mel Stride blasts Robert Jenrick over 'back-of-a-fag-packet' plan for economy
Shadow 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 speech
A 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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