The independent non-executive directors of the OBR have undertaken a review of the decision-making process around the forecast timetable for the Autumn 2021 Budget to inform the forthcoming review of the Memorandum of Understanding (MoU).

The previous MoU review in 2017 was confined to government stakeholders involved in the forecast process. In this case, to inform our input into the review the OBR seeks the views of all stakeholders (including Parliament and the public) on how the forecast process, and other issues governed by the MoU, can be improved to safeguard the performance of our statutory duties (“to examine and report on the sustainability of the public finances” and to do so “objectively, transparently and impartially”) – and to ensure they strike the right balance between our equally important responsibilities of: (i) providing the Government with a stable basis for making fiscal policy decisions; and (ii) providing Parliament and the public with an up-to-date understanding of the economic and fiscal implications of those decisions.

If you would like to share your views, please email [email protected].