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The chairman of the Office for Budget Responsibility (OBR), Richard Hughes, has resigned following a review into the premature leak of the Budget. This investigation revealed significant leadership failures within the regulator, which not only contributed to the early release of the Spring Statement but also raised concerns that other Budgets might have been similarly compromised. His departure marks a major development amid ongoing scrutiny over the handling of sensitive financial information.
Hughes’s resignation means he will no longer appear before the Treasury committee, which reportedly alleviates pressure on Chancellor Rachel Reeves, who is already facing calls to step down. According to reports, the breakdown in relations between the OBR and the Treasury reached an unprecedented low after Hughes published a timeline that appeared to challenge the Chancellor’s statements regarding the difficulties in balancing the nation’s finances. This tension was further emphasized in headlines across national newspapers, highlighting the fallout from these events.
The circumstances surrounding Hughes’s exit also include a public rebuke by the prime minister, who characterized the budget leak as the worst failure in the history of the OBR. Hughes accepted full responsibility for the incident as he stepped down. Various political leaders have commented on the situation; while Hughes took accountability, some opposition figures notably refrained from expressing confidence in the former chief economist. The episode has intensified debate around the so-called “budget black hole” and internal briefings involving senior politicians.
Meanwhile, other related Budget news has emerged, such as the exemption of council houses valued at over £2 million from a new property tax introduced by the Chancellor. Additionally, political discussions continue around the government’s financial positions and forecasts, with some party leaders denying any attempts to mislead the public. These developments come at a time when the government’s handling of economic matters is under intense public and media scrutiny
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