Definition of Office for Budget Responsibility
The Office for Budget Responsibility (OBR) presented the government’s official forecast for the economy and the public finances on June 14th 2010, updated the Treasury’s Budget forecast and removed political spin from the soothsaying game.
What is the role of the OBR?
Once it is on a proper statutory basis, the OBR will take the final decisions on the government’s economic forecasts and draw up estimates of the effects of tax and spending changes, so the chancellor will no longer have the ultimate say. Twice a year, it will also report on whether the government has a 50:50 chance of meeting its medium-term ambitions for the public finances or whether tax rises or spending cuts are prudent.