Today (9 July) Professor David Miles has been nominated for
reappointment by the Chancellor to serve a second and final term
as a member of the Budget Responsibility Committee for the Office
for Budget Responsibility (OBR), subject to approval of the
Treasury Committee.
The OBR is the UK's official independent economic and fiscal
forecaster, responsible for examining and reporting on the
sustainability of the public finances. The Budget Responsibility
Committee (BRC) has executive responsibility for the OBR and is
responsible for judgements made in preparation of the OBR's
economic and fiscal forecasts.
Fiscal stability is central to this Government's mission to grow
the economy, which is why the first bill it passed included the
fiscal lock so that no administration can sideline the OBR.
Further information
- Professor David Miles has served as a member of the OBR's
Budget Responsibility Committee since January 2022, and his first
term concludes on 1 January 2027. His second term would formally
begin on 2 January.
- As set out in the Budget Responsibility and National Audit
Act 2011, appointments to the OBR's BRC require consent from the
Treasury Committee.
- The Budget Responsibility and National Audit Act 2011 allows
each term of a BRC member, including the Chair's, to be up to 5
years in length and each member may serve a maximum of two
terms.
About the OBR
The OBR was created in 2010 to provide independent analysis of
the UK's public finances. The OBR is led by the three members of
the BRC who have executive responsibility for carrying out the
core functions of the OBR, including any judgements made in the
preparation of the economic and fiscal forecasts. The current
members of the BRC are:
- Jonathan Haskell CBE (Chair still subject to TSC
approval)
- Professor David Miles CBE
- Tom Josephs
About the reappointment process
Reappointments are not automatic, and each case is considered on
its own merits. The decision to nominate David Miles for
reappointment was made by the Chancellor of the Exchequer, in
line with the requirements of the Governance Code for Public
Appointments. David Miles' reappointment will be finalised
subject to the Treasury Committee's consent.
