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MPs approve new head of OBR

The Office for Budget Responsibility (OBR) has finally received some good news with the announcement that Robert Chote, currently head of Institute for Fiscal Studies, will be the chairperson of the OBR in the future. It is believed that he will take up his role with the OBR ahead of next month's government spending review which is certain to cause controversy in the UK.

Despite the fact that the OBR was initially set up to scrutinize the performance of UK governments in the future it has received something of a lukewarm reception after the announcement of top-level changes in the structure of the OBR. Interestingly, Robert Chote has been relatively well welcomed across the board with many experts relieved that somebody with the stature of Mr Chote has actually agreed to take on what many see as a potential poisoned chalice.

It will be interesting to see how George Osborne reacts to the appointment, instigated by himself, because many believe the government was too involved with the former chairperson of the OBR thereby reducing the ability, in the eyes of many, to perform independently of the government. It has to be said that George Osborne has "pulled this one out of the bag" with the appointment of such a high-profile member of the financial community.

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