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Office for Budget Responsibility in turmoil

Yesterday's news that Sir Alan Budd will be leaving the Office for Budget Responsibility (OBR) after his three-month contract is up was something of a devastating blow for George Osborne but there appear to be more bad news on the horizon. It has been revealed today that all founder members of the OBR will be leaving before the office is enshrined in law by Parliament. So what next?

George Osborne has made much play of the roll of the OBR and its ongoing disintegration is something which he would have hoped to avoid. Not only is there a problem with the credibility and reputation of the OBR but there are issues as to whether any economist with a worthwhile reputation would want to associate themselves with public body which is tainted with political meddling and seen as something of a lightweight by many in the UK.

While George Osborne, David Cameron and the rest of the coalition government have made a relatively upbeat start to their term in office, the focus which the OBR received in its early days is set to come back to haunt them. Whether George Osborne in particular can rescue his reputation, by a radical overhaul of the OBR, remains to be seen.

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