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The report said the leak was ‘the worst failure in the 15-year history of the OBR’
David Maddox,Bryony Gooch,Millie CookeMonday 01 December 2025 17:08 GMTComments
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The chairman of the Office for Budget Responsibility (OBR) has resigned to allow the watchdog to “quickly move on” from the leak of the Budget before the chancellor delivered it in the Commons last week.
Richard Hughes’ resignation follows a damning report published on Monday into the mistaken release of the Economic and Fiscal Outlook almost an hour before Rachel Reeves began to present the Budget.
The investigation concluded that the OBR’s leadership must take “immediate steps to change completely” how it publishes reports containing sensitive forecasts.
In a letter sent to Ms Reeves and the chair of the Treasury Select Committee, Mr Hughes said: “I am certain the OBR can quickly regain and restore the confidence and esteem that it has earned through 15 years of rigorous, independent, economic analysis.
“But I also need to play my part in enabling the organisation that I have loved leading for the past five years to quickly move on from this regrettable incident.”
In response to the resignation, Treasury minister James Murray thanked Mr Hughes for his “dedication to public service”.
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Key Points
- Breaking: OBR chairman resigns
- Who is Richard Hughes? The OBR Chief who just resigned
- PM didn't ask Richard Hughes to resign, it is understood
- Badenoch says Reeves used OBR chair as 'human shield'
Badenoch says Reeves used OBR chair as 'human shield'
Kemi Badenoch has accused Rachel Reeves of using the chairman of the Office for Budget Responsibility (OBR) as a “human shield”.
Responding to the resignation of Richard Hughes over the leak of the OBR’s forecasts ahead of the Budget, the Tory leader said in a statement on X: “Someone has resigned as a result of the budget chaos… but it isn’t Rachel Reeves.
“The Chancellor is trying to use the Chair of the OBR as her human shield. But I will not let her.
“Why is it ALWAYS someone else’s fault with Starmer and Reeves?”
Bryony Gooch1 December 2025 17:05Who is Richard Hughes? The OBR Chief who just resigned
As Office of Budget Responsibility (OBR) chair Richard Hughes has just resigned, here’s what we know about him.
He led the OBR for five years after he first joined HM Treasury in 2000.
The Harvard and Oxford educated economist worked on a range of domestic and international macroeconomic issues and led the 2007 Comprehensive Spending Review during his time at the treasury.
Following a brief secondment to the French ministry of Finance in 2007, he joined the International Monetary Fund in 2008 where he headed the fiscal affairs department’s public finance division and worked on fiscal reform in a range of advanced, emerging, and developing countries.
Richard returned to HM Treasury between 2016 and 2019 as Director of Fiscal Policy where he oversaw the government’s fiscal strategy, debt management, and treasury operations and served as acting chief economist.
(Getty)Bryony Gooch1 December 2025 17:00Treasury minister thanks Richard Hughes for 'dedication to public service'
Treasury minister James Murray has thanked Richard Hughes “for his dedication to public service” after he resigned as chairman of the Office for Budget Responsibility.
He continued: “I understand events are moving quickly, and I understand from messages passed to me, there has been an event, the chair of the OBR has resigned, is what I understand from messages passed to me.”
His comment came following a question from Labour MP Laurence Turner, who asked whether Mr Murray agreed that the chair of the OBR “cannot credibly lead” the investigation work.
Mr Turner’s comment was met with shouts of “he’s gone” from the Conservative benches.
Bryony Gooch1 December 2025 16:57PM didn't ask Richard Hughes to resign, it is understood
Reporting from Millie Cooke, The Independent’s political correspondent.
Sir Keir Starmer didn't ask Richard Hughes to resign after a damning report into the unprecedented leak of last week’s Budget, it is understood.
Ahead of Mr Hughes' resignation, a Downing Street spokesperson refused to say whether or not the PM had confidence in the OBR chief, saying: "Clearly, the conclusions of this report are incredibly serious and will now consider the implications fully."
Bryony Gooch1 December 2025 16:48Tories accuse Labour of scapegoating OBR
The Conservatives have warned the Government against scapegoating the OBR for the Treasury’s handling of the Budget.
Tory shadow chancellor Sir Mel Stride told the Commons: “Can I also seek the immediate reassurance that (Treasury minister James Murray’s) concluding comment, and I quote, ‘we will respond to this matter with the seriousness it demands,’ will not include scapegoating the OBR to distract from the serious questions surrounding the handling of the Budget by the Chancellor, ministers, the Treasury and Number 10?”
Mr Stride also questioned where the Chancellor, Rachel Reeves, was, saying it was a “matter of profound regret” for her not to appear before the Commons on Monday.
Shadow chancellor Mel Stride accused Labour of raising taxes to fund a “welfare splurge” (Lucy North/PA) (PA Wire)“The Chancellor’s credibility is in tatters, and to the long list of her failings in respect to these matters should be added that of disrespecting this House,” he said.
Mr Murray responded that the Chancellor was at an investment summit in Wales and could not attend.
He added: “I was unclear from the shadow Chancellor’s comments at the beginning of his speech just then, whether, like us, he values the role of the OBR in the budget setting process. We value its independence, we value its integrity, and that is why we take what happened last Wednesday with the utmost seriousness, and we are determined to pursue it.”
Bryony Gooch1 December 2025 16:45Richard Hughes resignation - the full statement
Here is the full resignation letter written by OBR chairman Richard Hughes as he steps down following a major leak last week.
Dear Chancellor and Dame Meg,
I am writing to you following the publication of the report of the investigation into the November 2025 Economic and fiscal outlook publication error. The OBR plays a vital role in the UK’s fiscal policymaking, and it is critical that the Government, Parliament, and the public continue to have confidence in the work that it does. The inadvertent early dissemination of our Economic and fiscal outlook on 26 November was a technical but serious error.
The report the OBR has submitted to the Treasury and the Treasury Committee of the House of Commons sets out how and why it happened and identifies the further actions the Office will take to ensure that it never happens again. I am grateful to Baroness Sarah Hogg and Dame Susan Rice for overseeing the report, to Professor Ciaran Martin for providing expert input, and to the joint OBR-Treasury team that produced it so expeditiously.
By implementing the recommendations in this report, I am certain the OBR can quickly regain and restore the confidence and esteem that it has earned through 15 years of rigorous, independent, economic analysis.
But I also need to play my part in enabling the organisation that I have loved leading for the past five years to quickly move on from this regrettable incident. I have, therefore, decided it is in the best interest of the OBR for me to resign as its Chair and take full responsibility to the shortcomings identified in the report.
I would like to thank my predecessor Robert Chote, my fellow Budget Responsibility Committee Members past and present David Miles, Tom Josephs, Charlie Bean, and Andy King, Chief of Staff Laura Gardiner, and all of the staff of the OBR for being such wonderful colleagues these past five years. I will follow the OBR’s forward progress with great interest and much pride.
Bryony Gooch1 December 2025 16:43Breaking: OBR chairman resigns
Office for Budget Responsibility chairman Richard Hughes has resigned to allow the watchdog to “quickly move on” from the leak of the Budget before Rachel Reeves’ speech, he has said.
(Getty)Alex Ross1 December 2025 16:38Watch: Jonathan Gullis insists ‘not a cat’s chance in hell’ of defecting to Reform in 2024 clip
Jonathan Gullis insists ‘not a cat’s chance in hell’ of defecting to Reform in 2024 clipBryony Gooch1 December 2025 16:21Government backs 'deeper forensic investigation' into previous OBR disclosures
Treasury minister James Murray told the Commons the Government backs a “deeper forensic investigation” into previous Office for Budget Responsibility (OBR) disclosures.
“I can confirm the Treasury will be making contact with previous chancellors to make them aware of the developments that relate to previous fiscal events,” Mr Murray said.
He later added: “The Government will be working in conjunction with a National Cyber Security Centre to take forward the recommendation that a forensic examination of other fiscal events is carried out, although let me specifically note for the House that the report finds no evidence of hostile cyber activity.
“In addition, the report says that they could not in the time available carry out a deeper forensic examination of other recent Economic and Fiscal Outlook events, and we recommend that such an exercise is, with expert support, urgently carried out.
“We will make sure that work is carried out urgently.”
Bryony Gooch1 December 2025 16:10Treasury minister 'concerned' to learn OBR error may have seen early release of previous forecasts
James Murray told MPs he was “very concerned” to learn that the Office for Budget Responsibility (OBR) error may have seen the early release of previous forecasts.
Quoting from the watchdog’s investigation, Mr Murray told the Commons: “‘It is very likely that the weaknesses that caused the premature access of the November 2025 Economic and Fiscal Outlook (EFO) were pre-existing.
“‘Indeed, it appears that the March 2025 EFO was accessed prematurely.'”
Turning to the leak’s impact on the markets, Treasury minister Mr Murray later added: “That market sensitive information have been prematurely accessible to a small group of market participants is extremely concerning.
(Aaron Chown/PA Wire)“That it might have been the case on more than one occasion is even more severe. We do not know at this stage the extent to which market behaviour may have been affected on this or other occasions as a result of information being available early.
“But I do want to share one further bit of information from the report with the House today – on the morning of the Budget, the first IP address to successfully access the EFO had made 32 prior attempts that day, starting at around 5am.
“Such a volume of requests implies that the person attempting to access the document had every confidence that persistence would lead to success at some point, and this unfortunately leads us to consider whether the reason they tried so persistently to access the EFO is because they have been successful at a previous fiscal event.”
Bryony Gooch1 December 2025 16:06Newer1 / 8OlderMore about
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