The Treasury Committee has launched a new inquiry examining the Office for Budget Responsibility’s (OBR’s) first 15 years, with a focus on what can be learned from its record to date and how it can continue to support the UK’s economic stability and policymaking.
The inquiry, titled The OBR 15 years on, will consider the organisation’s historic performance, including the accuracy of its economic and fiscal forecasts and its independence and impartiality.
MPs are also seeking evidence on whether the OBR’s role, remit and working relationship with HM Treasury should be reformed to ensure it continues to contribute effectively to positive economic outcomes.
The Committee has invited submissions from stakeholders with relevant expertise or experience, as part of a broader assessment of how the fiscal watchdog operates within the UK’s economic framework.
Dame Meg Hillier, chair of the Treasury Committee, said: “The OBR is an important part of the UK’s fiscal framework.
“But it is often castigated by frustrated economists who feel they should be in charge because they shout the loudest.
“And we need only remember Liz Truss’ mini-budget to remind ourselves of what happens when the OBR is sidelined.”
She added: “This inquiry is not a stick to beat the OBR with. What my Committee intends to do is have an honest conversation about what the watchdog does well and where it needs to do better. I hope this will provide a useful foundation for the new Chair when they are appointed.”
