UK finance minister nominates budget watchdog chief for second term - Headlines news and analysis from Global Banking & Finance Review
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UK finance minister nominates budget watchdog chief for second term

Published by Global Banking & Finance Review

Posted on May 30, 2025

1 min read

· Last updated: May 30, 2025

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UK Finance Minister Nominates Richard Hughes for Second Term as OBR Chair

LONDON (Reuters) -British finance minister Rachel Reeves said on Friday that she had nominated the chair of the Office for Budget Responsibility Richard Hughes to serve a second five-year term.

The OBR prepares twice yearly forecasts of British economic growth and public borrowing and assesses whether Reeves is on track to meet her budget goals.

Hughes' reappointment is subject to approval by the House of Commons' Treasury Committee.

(Reporting by David Milliken; editing by Suban Abdulla)

Key Takeaways

  • Rachel Reeves nominates Richard Hughes for a second term as OBR chair.
  • The OBR provides forecasts on UK economic growth and public borrowing.
  • Hughes' reappointment requires approval from the Treasury Committee.
  • The OBR plays a crucial role in assessing budget goals.
  • Richard Hughes has been the chair of the OBR since his first term.

Frequently Asked Questions

Who has been nominated for a second term as chair of the OBR?
Richard Hughes has been nominated by UK finance minister Rachel Reeves for a second five-year term as chair of the Office for Budget Responsibility.
What is the role of the Office for Budget Responsibility?
The OBR prepares twice yearly forecasts of British economic growth and public borrowing, and assesses whether the finance minister is on track to meet budget goals.
What is required for Hughes' reappointment?
Hughes' reappointment is subject to approval by the House of Commons' Treasury Committee.

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