Category Archive: Announcements

Image of Richard Hughes, Andy King and Charlie Bean

New Chair makes first appearance at Treasury Select Committee

Richard Hughes gives evidence to the Treasury Select Committee (TSC) for the first time as Chair of the OBR alongside Budget Responsibility Committee (BRC) members Andy King and Prof. Sir Charlie Bean. The TSC raised an inquiry ‘Tax after Coronavirus’ to examine what the major pressures on the tax system are after the economic fallout…

Line chart showing cumulative public sector net borrowing

Budget deficit reaches £174 billion in just five months

Less than halfway through the 2020-21 fiscal year, the budget deficit has already topped full-year borrowing in 2009-10 (at the peak of the financial crisis). Despite that, year-to-date borrowing is lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared less badly than assumed. With…

The OBR at 10 intro slide for Robert Chote's presentation to the Society of Professional Economists featuring OBR logo and date of presentation (24 September 2020)

Society of Professional Economists webinar

Watch Robert Chote and Richard Hughes marking the OBR’s 10th anniversary and Robert’s tenure as chairman at the Society of Professional Economists webinar ‘The OBR at 10’ or download the presentation slides and accompanying speaking note.

OECD logo

OECD review hails OBR’s outputs and independence

During its first decade in operation the Office for Budget Responsibility has established itself as a fixed part of the UK’s institutional landscape, delivering high quality publications, reducing bias in official forecasts and bringing greater transparency to the public finances, according to an external review led by the Organisation for Economic Cooperation and Development. The…

Line chart showing cumulative public sector net borrowing

Public sector net debt hits £2 trillion for the first time

The budget deficit rose sharply again in July, topping £150 billion for the year-to-date and pushing public sector net debt over £2 trillion for the first time. But year-to-date borrowing is lower than in our Fiscal sustainability report central scenario. That reflects lower departmental spending and loan guarantee write-off costs that have yet to be…

Photograph of Richard Hughes

Richard Hughes confirmed as the next Chair of the OBR

In June, the Chancellor nominated Richard Hughes as the next Chair of the Office for Budget Responsibility when Robert Chote ends his final term in October. The Treasury Select Committee has now confirmed the appointment. Find out more on the Treasury Select Committee’s website.

Photo of Sir Chris Kelly

Sir Chris Kelly re-appointed

The Chancellor of the Exchequer has announced that Sir Chris Kelly has been re-appointed as a non-executive member of the OBR and Oversight Board chair. Sir Christopher Kelly said: “I am delighted to be re-appointed as the Chair of the Oversight Board of the Office for Budget Responsibility. The role of the OBR is as…

Treasury announces candidate for next Chair of the OBR

The Chancellor has nominated Richard Hughes as the next Chair of the Office for Budget Responsibility when Robert Chote ends his final term in October. The appointment is subject to approval from the TSC. Robert Chote commented: “I am delighted that the Chancellor has nominated Richard Hughes to succeed me as Chairman of the OBR…

Magnifying glass graphic

Treasury launches search for new Chair of the OBR

Today the Treasury has launched the recruitment campaign to find Robert Chote’s successor as the next Chair of the OBR. Robert has led the independent fiscal watchdog since 3 October 2010, and is therefore approaching the end of his second and final five-year term. The chair and other members of the Budget Responsibility Committee (BRC) are…

Publication of our restated forecast will no longer go ahead today

Publication of our restated forecast will no longer go ahead today following advice from the Cabinet Secretary. As we notified the Treasury and Treasury Select Committee on 29 October, we had planned to publish a technical restatement of our March public finance forecast this morning, bringing it into line with current ONS statistical treatment –…