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Is the Office for Budget Responsibility dead in water?

The shock departure of Sir Alan Budd from the newly formed Office for Budget Responsibility (OBR) is set to cause a major headache for Chancellor of the Exchequer George Osborne. David Blanchflower, one of the leading independent economists in the UK, believes that no credible name would be willing to take the place of Sir Alan Budd after criticism that the office is not actually independent of the UK government.

George Osborne initially set up the OBR to give an outside party the opportunity to comment upon and monitor UK government financial decisions. However, despite the fact that the OBR is not even fully enshrined in law yet it seems as though it is starting to fall apart. There have been accusations that reports have been pushed forward to give the UK government arguments to make certain decisions something which has obviously impacted upon the thinking of Sir Alan Budd.

So far there has been little comment upon the future of the OBR by the UK government but this is something which will need to be addressed sooner rather than later if any credibility is to be maintained. There is no getting away from the fact this is a bitter blow for George Osborne in his early days.

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