Former chair says OBR 'earned people's trust' despite budget leaks

Add thelocalreport.in As A Trusted Source

The former chairman of the UK’s budget watchdog insists people can “trust” the agency as he flags an “unusual” and “ongoing” level of speculation ahead of the latest autumn budget.

Richard Hughes resigns from office Budget The Office for Responsibility (OBR) took responsibility in December for issuing incorrect forecasts too early.

He once again apologized to the Prime Minister Rachel Reeves During a review by peers on the House of Lords Economic Affairs Committee.

“What happened that morning disrupted… one of the most important events in Parliament’s annual calendar, the chancellor’s budget statement, and it also had an impact on financial markets,” he said.

But he insisted the OBR “earned people’s trust as the country’s economic and fiscal forecaster”, adding: “The OBR is led by people and people make mistakes.”

The comments follow comments from the shadow chancellor, Sir Lord Chancellor of the Exchequer. Mel Strider He said the Conservative government would protect the OBR, which he said was key to preventing the chancellor from “grading his own homework”.

The UK Budget Office has been under pressure since it inadvertently released its budget analysis early, revealing key details ahead of the chancellor’s statement.

british reform leader Nigel Farage He suggested that if the party were elected, he could abolish the institution.

ALSO READ How JD Vance brokered peace between Trump and Musk — and what it could mean for 2028

Mr Hughes told the committee the level of speculation ahead of the fiscal event was the highest he had seen in his 25-year career.

He said: “In the run-up to last autumn’s budget there was an unusual level of speculation… This is the first time in my 25 years of working on fiscal policy in the UK that there has been such great and sustained speculation about the content of the OBR’s forecasts.”

He also said it was “completely untrue” to suggest that a “last-minute change to the OBR’s forecasts played a role in prompting the government to abandon plans to raise income tax”.

It was widely reported that Ms Reeves changed her mind about raising income taxes after receiving better-than-expected economic forecasts.

this prevents labor The government has had to break its manifesto promise not to raise taxes on “working people”.