Richard Hughes, chair of the United Kingdom’s Office for Budget Responsibility (OBR), has resigned after an error led to the premature publication of the organisation’s economic and fiscal forecasts just before the Autumn Budget.
The forecasts were published around 40 minutes before Chancellor Rachel Reeves was due to make her speech, revealing sensitive financial details early and causing significant market disruption.
Hughes, who had led the OBR since October 2020 and was recently reappointed for a second term, described the incident as a “technical but serious error” caused by an accidental link activation on the OBR’s website.
In a letter to Reeves and Dame Meg Hillier, chair of the Treasury Select Committee, he accepted full responsibility and stated that resigning was in the best interest of the OBR to help it recover from the incident and restore trust in its independent analysis.
The OBR submitted a full report investigating the leak and outlining corrective measures. Hughes expressed confidence that by following the report’s recommendations, the OBR could regain its reputation, which spans 15 years of rigorous fiscal oversight.
Chancellor Reeves thanked Hughes for his public service and leadership, reaffirming the government’s commitment to protecting the OBR’s independence.
The premature leak, described as the worst failure in the watchdog’s history, disrupted the Budget process and drew criticism from political opponents. The incident has raised questions about safeguards around sensitive fiscal information and emphasised the importance of accountability in independent fiscal institutions.