Summary
A group of UK Members of Parliament (MPs) has started an inquiry into the role of the Office for Budget Responsibility (OBR), the government's economic forecasting body. This happens after criticism over OBR's influence on government decisions and an error that led to an early release of a key economic forecast. The inquiry will review the OBR's work and suggest potential changes.
Key Facts
- MPs are investigating the role and effectiveness of the Office for Budget Responsibility (OBR).
- The inquiry looks into the OBR's first 15 years and considers possible reforms to its operations.
- The investigation follows the resignation of OBR chair Richard Hughes after a forecast was published early.
- Concerns were raised about the OBR's influence over government tax and spending decisions.
- The OBR was criticized for lowering productivity forecasts, but this was later offset by higher tax receipts.
- Present inquiries also address several leaks of information before the Budget announcement.
- The OBR was established in 2010 to provide independent analysis of UK government finances.
