Office for Budget Responsibility
| Formation | May 2010 |
|---|---|
| Purpose | 'Independent' analysis of the public finances ahead of the budget |
| Location |
|
|
Region served
|
United Kingdom |
|
Chairman
|
Robert Chote |
| Website | budgetresponsibility |
The Office for Budget Responsibility (OBR) is an advisory non-departmental public body established by the UK government to provide independent economic forecasts and 'independent' analysis of the public finances as background to the preparation of the UK budget. It was formally created in May 2010 following the general election (although it had previously been constituted in shadow form by the Conservative party opposition in December 2009) and was placed on a statutory footing by the Budget Responsibility and National Audit Act 2011. It is one of a growing number of official independent fiscal watchdogs around the world.
The office is currently headed by Robert Chote, formerly a director at the Institute for Fiscal Studies.
The OBR was created by the UK government in 2010 with the purported goal of offering independent and authoritative analysis of the UK's public finances. To that end it produces two 5-year-ahead forecasts for the economy and the public finances each year, alongside the Budget and Autumn Statements.
In its role in providing independent analysis the OBR has four main duties:
The OBR produces five-year forecasts for the economy and public finances twice a year. The forecasts accompany the Chancellor’s Budget Statement and his Autumn Statement and they incorporate the impact of any tax and spending measures announced by the Chancellor. Details of the forecasts are set out in the Economic and fiscal outlook (EFO) publications. The annual Forecast evaluation report (FER) published each autumn, examines how the EFO forecasts compare to subsequent outturns. The OBR has published briefing papers describing its approach to forecasting the economy and public finances, and the macroeconomic model it uses.
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