Chancellor Rachel Reeves has nominated Professor David Miles CBE for a second term on the Budget Responsibility Committee (BRC), which scrutinises and reports on the UK's public finances. If approved by the Treasury Committee, his reappointment would run from 2 January to 1 January 2031.
Professor Miles' first five-year term as BRC member is due to conclude on 1 January 2027, with his second term set to commence immediately afterwards. The Budget Responsibility and National Audit Act 2011 limits members' terms to two consecutive stints of up to five years each, effectively capping individual tenures at a decade.
The Office for Budget Responsibility (OBR) acts as the UK's official independent economic and fiscal forecaster, analysing long-term public finance sustainability. The BRC oversees OBR operations, including the crucial forecasting judgements that inform the nation's financial decisions. This independence is enshrined in law through a 'fiscal lock' included in the first bill passed by the current administration.
The current BRC membership includes Jonathan Haskell CBE as Chair, Tom Josephs, and Professor Miles himself. Reappointment is not automatic; each case is individually assessed on merit, with the Chancellor's nomination subject to scrutiny under the Governance Code for Public Appointments.
Now, the Treasury Committee will review the Chancellor's nomination, providing parliamentary oversight of key appointments to independent financial bodies before their reappointments can be confirmed. This process underscores the government's commitment to ensuring robust governance and accountability in its financial decision-making processes.