HC 514 - Reviewing the Office for Budget Responsibility

Download or read book HC 514 - Reviewing the Office for Budget Responsibility written by Great Britain. Parliament. House of Commons. Treasury Committee and published by The Stationery Office. This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Budget Responsibility and National Audit Act 2011 requires that the OBR be externally reviewed at least once every five years. Legislation requires that the OBR's non-executive Committee commission a suitably qualified person or body to lead the review. The OBR's first statutory external review was led by Kevin Page, former Parliamentary Budget Officer for Canada. It reported on 3 September 2014. In Autumn Statement 2013, the previous Government announced its intention to conduct its "own review of the OBR at the start of the next Parliament". The review, which was announced on 11 June 2015, was commissioned by the Chancellor and led by the Treasury's Chief Economic Adviser, Sir David Ramsden. At the same time as the review made public its report, the Government issued a press release accepting "all [its] recommendations in full". The same press release announced the Chancellor's support for Robert Chote to be reappointed as chairman of the OBR. Both the external and Treasury-led reviews are described on the gov.uk website as "Independent report[s]". In his reappointment hearing on 15 September 2015, Robert Chote was asked by the Committee about the independence of the Treasury-led review, and in particular whether the Chancellor's view coloured its outcome, Mr Chote said "It is a Treasury review; it is not pretending to be an independent review in that sense". Sir David's conclusions are consequently of little relevance for assessing the independence and effectiveness of the OBR's work. This report also discusses the review process generally