9 September 2010
Institute for Fiscal Studies director Robert Chote has today been named as the preferred candidate to head the Officefor Budget Responsibility.
Chancellor George Osborne said Chote’s experience and suitability were ‘beyond doubt’. He added: ‘As director of the IFS, he has been one of the most credible independent voices on the public finances, taxation and public spending.’
Chote’s appointment will be subject to confirmation by the Commons Treasury select committee, which has a power of veto.
Chote said he was ‘delighted’ to have been nominated as OBR chair.
‘The creation of the OBR is a great opportunity to ensure that the tax and spending decisions of this and future governments are informed by demonstrably rigorous and independent analysis of the outlook for public finances and the economy,’ he said.
‘If my appointment is confirmed, I will ensure that the OBR draws on the fullest possible range of information and expertise, from within government and without, and that we will make and present our judgements without fear or favour.’
A Cambridge economics graduate, Chote has led the IFS since 2002. He was previously adviser to the senior management of the International Monetary Fund in Washington DC, and economics editor of the Financial Times.
He has not been afraid to criticise Treasury figures. Addressing CIPFA’s Facing the Cuts conference in London yesterday, Chote said the government’s estimate of the size of the deficit was of ‘spurious precision'.
The IFS said that if Chote's appointment as OBR chair is approved he would step down as director on October 1. Carl Emmerson, currently deputy director at the IFS, would take over as acting director until a permanent replacement is appointed.
Sir Alan Budd stepped down as OBR chair at the end of July. His three-month tenure was briefly marred by allegations that the OBR’s independence had been compromised by government interference.
