Category Archive: Announcements

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…

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.

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…

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…

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 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 –…

International and UK experts will undertake an independent review of the Office for Budget Responsibility this summer, assessing its performance and adherence to internationally agreed principles of best practice for independent fiscal institutions. Under the legislation that created the OBR, the organisation is required to commission an external review every five years. The OBR’s non-executive…

In accordance with the Welsh Government’s fiscal framework, we will prepare and publish independent forecasts of devolved Welsh tax revenues for the 2019-20 Welsh Government Budget onwards. We have agreed a Memorandum of Understanding, Terms of Reference and a Financial Framework to guide this work. Yn unol â fframwaith cyllidol Llywodraeth Cymru bydd yr OBR yn…

The independent European Fiscal Board, created to examine the EU fiscal framework and aggregate policy stance, has reviewed the work of the OBR in its Annual Report. It argues that the OBR has retained “a high degree of public trust in its ability to provide objective assessments of the macroeconomic outlook and public finances”. Read…