IMF says UK government should keep twice-yearly economic forecasts

WASHINGTON, Oct 15 (Reuters) - Britain's government should continue to ask its Office for Budget Responsibility to produce twice-yearly economic forecasts but only assess compliance against budget rules once a year, the International Monetary Fund said on Wednesday.

The OBR currently produces twice-yearly economic and budget forecasts but there had been some speculation that finance minister Rachel Reeves wanted to reduce the frequency to once a year, to line up with her annual budget.

"The evaluation of compliance with fiscal rules should be annual.... Forecasting should take place twice a year in accordance with international best practice," IMF fiscal affairs chief Vitor Gaspar said at a press conference in Washington.