The appointment of Professor Jonathan Haskel CBE as Chair of the Office for Budget Responsibility (OBR) could have significant implications for the UK's fiscal framework, with potential market impacts worth £10 billion over the next two years. This is according to a study by the Institute for Fiscal Studies, which suggests that the OBR's influence on investor sentiment and policy decisions can be substantial.
Professor Haskel brings a wealth of experience from various high-profile public policy and independent oversight roles. Notably, he served as an External Member of the Bank of England’s Monetary Policy Committee from 2018 to 2024, contributing to decisions on interest rates and monetary policy. His past appointments also include a non-Executive Director position at the UK Statistics Authority from 2016 to 2022, and an External Member of the Reporting Panel for the Competition and Markets Authority between 2001 and 2009. These roles underscore his background in independent analysis and economic governance.
The OBR plays a critical role in the UK’s fiscal framework, providing independent and objective analysis of the public finances. Its responsibilities include producing official UK economic and fiscal forecasts, evaluating the Government’s adherence to its fiscal rules, and reporting on the sustainability and risks associated with the public finances. The appointment of its Chair is therefore a significant decision, influencing the credibility and impartiality of the UK’s economic outlook.
The nomination of Professor Haskel is subject to a pre-appointment hearing before the Treasury Committee, which is responsible for approving all appointments to the Budget Responsibility Committee, including the Chair. This parliamentary scrutiny ensures that the chosen candidate possesses the necessary expertise and independence for the role. If approved, Professor Haskel is expected to take up the post in time to oversee the OBR's next forecast, which will accompany the upcoming Budget later this year. In the interim, Professor David Miles and Tom Josephs, current members of the Budget Responsibility Committee, will continue to lead the OBR.
Chancellor of the Exchequer, Rachel Reeves, praised Professor Haskel as an "outstanding nominee," highlighting his "depth of expertise in economics and his track record of independent, rigorous analysis." She added that he is "exactly the right person to lead the OBR – supporting the credibility of our fiscal framework and ensuring our economy is underpinned by sound public finances." Professor Haskel expressed his honour at the nomination, stating his commitment to upholding the OBR's "indispensable role in maintaining the transparency and integrity of the UK’s public finances."