“If you didn’t have the OBR, what are you replacing [it with]? Well, maybe you could have a revolving panel of the top eight economic forecasters who have, twice a year, a mandate to produce their own estimate of the key six [to] eight metrics,” he added.
His comments follow previous suggestions from Reform UK’s leader Nigel Farage to abolish the body, but it has not yet been clear what the party would propose to take its place. As Reform continues to top U.K. opinion polls, the development of the party’s economic agenda has been closely watched by the financial sector and beyond.
The OBR has come under attack for its forecasting record from both sides of the political aisle.
It faced significant scrutiny in November after its economic and fiscal outlook, which contained detailed information on the contents of Chancellor Rachel Reeves’ autumn budget, was accidentally made accessible hours before she began her official announcement.
OBR Chair Richard Hughes stepped down as a result of the leak.
The OBR has also been criticized for its outsized influence on government spending, given that its forecasts can have a significant impact on which policies the Treasury decides to include in the budget.