Richard Hughes, the chair of the Office for Budget Responsibility (OBR), has resigned following an internal inquiry into the accidental early release of the UK budget report. Hughes described the incident as a "technical but serious error" and stated his resignation was intended to help restore confidence in the OBR. The OBR's own report called the early leak the "worst failure" in its 15-year history and suggested systemic issues may have allowed external users to gain early access to budget documents on more than one occasion.
The OBR report indicated that the early release was not simply a matter of pressing a button too soon, but rather due to underlying systemic problems. There is also evidence suggesting that previous OBR reports may have been accessed early without authorization, raising concerns about the security of budget documents. This suggests a potential for market participants to have gained premature access to sensitive fiscal information on prior occasions, prompting questions about the persistence of such vulnerabilities.
The Chief Secretary to the Treasury, James Murray, informed MPs of Hughes' resignation and emphasized that the government takes the matter of the OBR's integrity and independence seriously. While thanking Hughes for his public service, Murray's statements indicated the government viewed the error as stemming from longstanding issues within the OBR's systems rather than solely a leadership failing. The Treasury committee chair, Meg Hillier, acknowledged Hughes' dedication and commended his decision to take responsibility.