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The Office for Budget Responsibility (OBR) could have a distinct view of the economic system by the point of the autumn finances, Labour frontbencher Nick Thomas-Symonds has mentioned.

Mr Thomas-Symonds mentioned Labour may “open the books and discover the situation is even worse than it is at the moment”.

It comes after the Institute for Fiscal Studies (IFS) forged doubt on the spending plans laid out by each Labour and the Conservatives.

Mr Thomas-Symonds, the shadow minister with out portfolio,  informed Times Radio: “Obviously the Government is in a very different position from us, because, as the Institute for Fiscal Studies set out, there are no specific departmental spending plans beyond March of 2025 that’s because the Government hasn’t conducted a spending review.

“We obviously can’t do that from opposition, and we’ve also been open, always that we may open the books and discover the situation is even worse than it is at the moment. We’ve never hidden from that.”

Asked if Labour must increase taxes, minimize spending or borrow extra, Mr Thomas-Symonds mentioned: “We will put that plan on the table, of stability, of investment and of reform. The Office of Budget Responsibility will then look at it so it will be robust, and the snapshot in the autumn will be different. It will then be about growth.

“And that is why, by the way, so that we don’t have to make these trade-offs. We don’t have to get into this doom loop that the Conservatives have been in.”