New Office for Budget Responsibility
Shortly after assuming the role of Chancellor, George Osborne confirmed the creation of a new, independent Office for Budget Responsibility (OBR), tasked with providing unbiased borrowing and economic growth forecasts for the Treasury around the time of the annual Budget and Pre-Budget Report.
Previously, the assessment of whether tax and spending were on track to meet the Government's fiscal rules were informed by the Chancellor's own, often underestimated, borrowing forecasts.
The OBR is currently headed by economist Sir Alan Budd, a former member of the Bank of England's Monetary Policy Committee.
In announcing the measure, the Chancellor commented that it would create 'a rod for my back down the line and for future Chancellors,' adding, 'that's the whole point'.
