Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Chair steps down after independent review calls OBR’s release of budget forecasts “worst failure” in its history
The chair of the United Kingdom’s fiscal watchdog has resigned following a serious procedural breakdown that led to the premature publication of key budget forecasts before the government formally announced them.
The early release of the Office for Budget Responsibility (OBR)’s evaluation of Rachel Reeves’s 2025 budget caused significant disruption in financial markets and provoked backlash in Parliament, prompting a swift internal investigation.
In a letter to Ms Reeves, outgoing chair Richard Hughes accepted full responsibility for the lapse and said resigning was in the OBR’s best interest.
The watchdog’s own review described the incident as the “worst failure in the 15-year history” of the institution.
It found that a standard internet address linked to its Economic and Fiscal Outlook report had inadvertently been made publicly accessible, allowing dozens of downloads in the hour before the scheduled budget speech.
The leaked document — containing sensitive projections on taxes, growth, and fiscal policy changes — became widely disseminated across social media and news outlets before Ms Reeves had even delivered her statement to Parliament.
The premature disclosure undermined the carefully orchestrated sequence of political and financial announcements, triggering criticism from lawmakers across the spectrum.
Although the early access resulted from a technical error rather than a confirmed cyber-attack or internal sabotage, the breach exposed systemic vulnerabilities in how the watchdog handles market-sensitive data.
The OBR affirmed it will overhaul its site security and internal procedures to prevent a recurrence.
Beyond immediate repair efforts, the episode has sharpened scrutiny of the relationship between the watchdog and the government.
Some opposition figures argue that the mishap further fuels doubts over the timing and integrity of official fiscal reporting, though government spokespeople say the resignation demonstrates accountability and a commitment to transparency.
With the chair’s departure, the OBR now faces the task of restoring trust — both within Parliament and among markets — ahead of its next set of official forecasts.
The early release of the Office for Budget Responsibility (OBR)’s evaluation of Rachel Reeves’s 2025 budget caused significant disruption in financial markets and provoked backlash in Parliament, prompting a swift internal investigation.
In a letter to Ms Reeves, outgoing chair Richard Hughes accepted full responsibility for the lapse and said resigning was in the OBR’s best interest.
The watchdog’s own review described the incident as the “worst failure in the 15-year history” of the institution.
It found that a standard internet address linked to its Economic and Fiscal Outlook report had inadvertently been made publicly accessible, allowing dozens of downloads in the hour before the scheduled budget speech.
The leaked document — containing sensitive projections on taxes, growth, and fiscal policy changes — became widely disseminated across social media and news outlets before Ms Reeves had even delivered her statement to Parliament.
The premature disclosure undermined the carefully orchestrated sequence of political and financial announcements, triggering criticism from lawmakers across the spectrum.
Although the early access resulted from a technical error rather than a confirmed cyber-attack or internal sabotage, the breach exposed systemic vulnerabilities in how the watchdog handles market-sensitive data.
The OBR affirmed it will overhaul its site security and internal procedures to prevent a recurrence.
Beyond immediate repair efforts, the episode has sharpened scrutiny of the relationship between the watchdog and the government.
Some opposition figures argue that the mishap further fuels doubts over the timing and integrity of official fiscal reporting, though government spokespeople say the resignation demonstrates accountability and a commitment to transparency.
With the chair’s departure, the OBR now faces the task of restoring trust — both within Parliament and among markets — ahead of its next set of official forecasts.
