What’s new

External review of the OBR

Kevin Page, former Parliamentary Budget Officer for Canada, has been appointed to lead an external review into the work of the OBR, consistent with the requirements of the legislation underpinning the OBR.    

OBR re-appointments

The Chancellor has today proposed the re-appointment of Graham Parker as a member of the OBR’s Budget Responsibility Committee (BRC) and confirmed Kate Barker’s re-appointment as a Non-Executive member of the OBR. Read the HM Treasury press release

Policy costings and our forecast

The Charter for Budget Responsibility requires that the OBR provides “independent scrutiny and certification of the Government’s policy costings”. Briefing paper No. 6: Policy costings and our forecast describes how we approach the costings process, including the roles of the Treasury and other relevant departments, and how we incorporate the impact of policy measures in […]

Costing pre-election policy proposals

Robert Chote has given written and oral evidence to the Treasury Committee on the costing of party policy proposals in the run up to general elections.    

Autumn Statement 2013 Economic and fiscal outlook

Our Autumn Statement forecast was published on 5 December alongside the Autumn Statement. It contains forecasts for the UK economy and public finances to 2018-19 and our assessment of whether the Government is likely to achieve its fiscal mandate and supplementary target. The full document and supporting information is available on the main EFO page.

Exchange of letters between the Chancellor and Robert Chote

The Chancellor and Robert Chote have exchanged letters on the role the OBR will take in assessing the Government’s performance against the welfare cap that it intends to introduce at Budget 2014.  

Exchange of letters between Ed Balls and Robert Chote

Robert Chote and Ed Balls have exchanged letters on the latter’s proposal that the OBR should provide independent scrutiny and certification of political parties’ proposed manifesto commitments on spending and tax.

Stephen Nickell’s reappointment approved by the Treasury Select Committee

The Treasury Select Committee announced that “Having considered his oral and written evidence, and taking into account his previous appearances before the Treasury Committee, we are satisfied that Professor Stephen Nickell has the professional competence and personal independence to be reappointed as a member of the Budget Responsibility Committee. We therefore consent to his appointment. […]

Forecast evaluation report 2013

The economy has recovered much more slowly over the past three years than the OBR expected, but the impact on the public finances has been relatively modest in large part because our over-optimism has been concentrated in those areas of nominal income and spending that are relatively lightly taxed: investment rather than consumer spending and […]

The macroeconomic model

The OBR uses a large-scale macroeconomic model to help produce our economic forecast. Briefing paper No. 5: The macroeconomic model sets out a detailed description of the latest version of the model.

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