Treasury Launches Search for New Office for Budget Responsibility Chair as Applications Open Until 26 March

HM Treasury has begun recruiting a new Chair for the Office for Budget Responsibility, the UK’s independent economic and fiscal forecaster, with applications closing on 26 March 2026. The role, which offers a salary between £150,000 and £208,100, represents one of the most significant public appointments in Britain’s economic landscape, according to Treasury permanent secretary James Bowler.

The position has remained vacant since December 2025, when former chair Richard Hughes stepped down following an investigation into the early release of Budget documentation ahead of the Autumn Budget announcement. In his resignation letter, Hughes described the incident as a “technical but serious error” and characterised it as the “worst failure” in the Office for Budget Responsibility’s 15-year history.

Hughes, who had served as chair since 2020 and was reappointed in July 2025 for a second five-year term, said the OBR could “quickly regain and restore the confidence and esteem” it had earned through its history of rigorous independent economic analysis by implementing recommendations from the investigation.

The Office for Budget Responsibility, established in 2010, provides independent analysis of the UK’s public finances and sustainability. It serves as a crucial institution in government transparency, ensuring that voters and parliament have reliable, independent forecasts of economic growth, inflation, and public spending rather than relying solely on government projections.

The chair leads the Budget Responsibility Committee, the executive body overseeing the OBR’s core functions. This includes making critical judgements on economic and fiscal forecasts that inform government policy and influence market confidence in UK finances. The role is demanding and high-profile: the successful candidate will need deep macroeconomic or fiscal expertise, strong public credibility, and the ability to provide “honest, evidence-based assessments, including where these may be challenging for government,” according to Treasury guidance.

Whilst the chair’s post remains vacant, the two existing Budget Responsibility Committee members—Professor David Miles and Tom Josephs—have continued to lead the organisation’s work, ensuring continuity during the transition.

The appointment follows a specific legal framework. Under the Budget Responsibility and National Audit Act 2011, the Chancellor of the Exchequer nominates the new chair, but the appointment must receive the consent of the Treasury Committee, the parliamentary body that scrutinises the Treasury’s work. The successful candidate will undergo a pre-appointment hearing before the Treasury Committee, ensuring parliamentary oversight of this critical role.

The chair’s term will be five years—the maximum allowed under legislation—with the possibility of serving a second five-year term thereafter, subject to reappointment. This fixed-term approach is designed to ensure continuity whilst maintaining independence from political cycles.

James Bowler emphasised the significance of the role in his foreword to the job advertisement: “This is one of the most significant public appointments in the UK’s economic and fiscal landscape. We are seeking an outstanding leader with deep macroeconomic and/or fiscal expertise, strong public credibility, experience of working constructively across organisational boundaries, and the ability to lead a high-calibre analytical organisation.”

The OBR was created following the 2008 financial crisis and the formation of the coalition government in 2010. The institution was placed on a statutory footing in 2011. Sir Alan Budd served as its inaugural chair for just three months before Robert Chote took over and led the watchdog for a decade until 2020, when Hughes was appointed.

The early departure of Budd aside, the OBR has operated with considerable institutional stability. Its forecasts are used to inform government spending plans, tax policies, and welfare policy decisions. The organisation’s credibility depends entirely on its perceived independence and analytical rigour—which is why the December incident, whilst described as a technical error, carried significant implications for institutional confidence.

The Treasury is emphasising that successful candidates must demonstrate sound judgement, integrity, and the confidence to challenge government views when evidence demands it. The role requires someone capable of managing a high-calibre analytical team, navigating relationships with the government, Parliament, and financial markets, and maintaining the OBR’s reputation for impartial economic analysis.

Key Takeaways

• The Office for Budget Responsibility Chair vacancy, open since December 2025, is now being advertised with applications closing on 26 March
• The role offers a salary of £150,000 to £208,100 for a full-time, five-year fixed-term appointment
• The successful candidate will be nominated by the Chancellor and must receive Treasury Committee approval following a pre-appointment parliamentary hearing
• The position is critical to UK economic transparency and public confidence in independent fiscal forecasting

What This Means for Kent Residents

The OBR’s forecasts directly affect policies that influence household finances across the UK, including decisions on public spending, taxation, and welfare support. For Kent residents, the appointment of a new chair matters because robust, independent economic analysis helps shape government decisions on major infrastructure projects—such as those affecting HS1 and Kent’s transport links—regional investment, and support for small and medium-sized enterprises. An independent chair with strong credibility also helps maintain market confidence in UK public finances, which affects interest rates, mortgage costs, and inflation affecting household budgets throughout Kent and across Britain.