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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…

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.

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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

Budget deficit reaches £128 billion in just three months

The budget deficit continues to rise sharply. Three months into the 2020-21 fiscal year, tax payments received by HMRC are down by 35 per cent on last year, while central government spending is up 40 per cent. But year-to-date borrowing is lower than assumed in the central scenario from our Fiscal sustainability report. That reflects…

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.

Line chart showing real GDP versus our March forecast. Our three economic scenarios assume varying speeds of near-term recovery and degrees of medium-term 'scarring'.

Budget deficit to hit a peacetime record

The coronavirus outbreak and the public health measures taken to contain it have delivered one of the largest ever shocks to the UK economy and public finances. In the Fiscal sustainability report, our three medium-term scenarios (upside, central and downside) see the largest decline in annual GDP for 300 years this year, accompanied by an unprecedented…

Fiscal sustainability report 2020

On July 14 we will publish our latest Fiscal sustainability report, focusing on the impact of the coronavirus outbreak. This will present three alternative scenarios for the economy and the public finances over the medium-term, an assessment of their implications for fiscal sustainability and a discussion of fiscal risks over the medium and long-term. The…

Line chart showing cumulative public sector net borrowing

Budget deficit tops £100 billion in just two months

May’s public finances data continue to show the budget deficit rising sharply. Two months into 2020-21, tax payments received by HMRC are down 43 per cent on the same period last year, while central government spending is up 48 per cent. Relative to our April scenario, initial estimates of both GDP and tax receipts have…

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…

Line chart showing cumulative public sector net borrowing

Budget deficit leaps to £62 billion in April 2020 alone

April’s public finances data provide an initial taste of the fiscal hit from the coronavirus lockdown and Government support for individuals and businesses. Tax payments received by HMRC were down 42 per cent on the same month last year, while central government spending jumped 52 per cent. As a result, the budget deficit was the…

Logo celebrating 10th anniversary of the Office for Budget Responsibility

OBR celebrates its 10th anniversary

Robert Chote thanks the OBR’s staff, alumni, contributors and stakeholders in a video on its 10th anniversary. Robert Chote thanks the OBR’s staff, alumni, contributors and stakeholders on its 10th anniversary 🎂#10yearsofOBR pic.twitter.com/hf5Mr5eaq0 — Office for Budget Responsibility (@OBR_UK) May 14, 2020