HM Treasury confirmed on 1 December 2025 that Richard Hughes has written to the Chancellor to resign as Chair of the Office for Budget Responsibility. Chancellor Rachel Reeves thanked him for five years of service and reiterated the government’s commitment to the OBR’s independence and the integrity of the fiscal framework.
The Treasury said it will launch a competitive external recruitment in the coming weeks to appoint a successor. Under Schedule 1 of the Budget Responsibility and National Audit Act 2011, the Chair is appointed by the Chancellor with the consent of the House of Commons Treasury Committee, a requirement that will govern the next appointment.
The OBR’s executive functions rest with the three‑member Budget Responsibility Committee, which signs off the economic and fiscal forecasts. The current BRC members are Professor David Miles CBE and Tom Josephs alongside the now‑vacant chair’s post, while Dame Susan Rice and Baroness Sarah Hogg serve as non‑executives on the Oversight Board.
Statute provides five‑year terms for Budget Responsibility Committee members, with a maximum of two terms. Members may resign by written notice to the Chancellor; ministerial termination of a chair or BRC member requires the Treasury Committee’s consent. These provisions frame the forthcoming appointment.
Earlier this year, the Chancellor nominated Hughes for a second and final term on 30 May 2025, and the Commons Treasury Committee consented to his re‑appointment on 15 July 2025. Today’s development follows that approval.
The resignation comes after the OBR’s inadvertent early publication of Budget material ahead of the Chancellor’s statement, described in published reviews as the most serious failure in the watchdog’s 15‑year history. Hughes took responsibility in letters to ministers and has now stepped down.
For departments, markets and analysts, the OBR’s statutory duties continue uninterrupted. The BRC retains executive responsibility for forecasts and analysis while recruitment proceeds, and the OBR’s publications page currently lists the next EFO release date as to be confirmed. No interim arrangements have been announced.
Next steps include running the external competition and, as with past appointments, a pre‑appointment hearing before the Treasury Committee. The Committee’s consent is required before the Chancellor can confirm the new Chair.