Hammond nominates Sir Charles Bean to OBR

11 Aug 16
Chancellor Philip Hammond has nominated Sir Charles Bean for appointment to the executive committee of the Office of Budget Responsibility.

The watchdog was created in 2010 to provide independent, authoritative analysis of the UK’s public finances.

With overall responsibility for the core functions of the OBR, the Budget Responsibility Committee is responsible for the judgments reached in OBR economic and fiscal forecasts, and is chaired by Robert Chote.

The vacancy has arisen because Sir Stephen Nickell is due to step down from office in December.

Bean has been a member of the Bank of England’s monetary policy committee for 14 years, including six years as deputy governor for monetary policy. He has published extensively on economic issues, and is currently a professor at the London School of Economics.

In a statement confirming Bean’s appointment, Hammond said: “As one of Britain’s pre-eminent economists, Sir Charles brings decades of economic and policy expertise which will strengthen the existing independent and authoritative analysis of the OBR.”

He also thanked Nickell for his years of service at the OBR through what he described at the organisation’s “formative years”.

Commenting on his appointment, Bean said he would be “honoured to take up the post” and credited the committee’s work to date “in establishing the credibility and reputation of the OBR”.

Bean will take up his new role from the start of 2017, subject to approval from the Treasury select committee. If successful, Bean will remain in post for a term of five years.

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