Chancellor George Osborne launches OBR

| May 17, 2010
”Chancellor

At his first press conference as chancellor, George Osborne has today announced plans to launch a new fiscal watchdog, called the independent Office for Budget Responsibility (OBR).

The OBR, which will be led by former Bank of England Monetary Policy Committee member, Alan Budd, is set to ensure the Government is held responsible for how it deals with the record budget deficit.

One of the new coalition Government’s top priority is to reduce the budget deficit – which is running close to 12% of GDP – similar to that of debt-ridden Greece.

Mr Osborne who will be 39 next week and who last week became Britain’s youngest chancellor in more than a century, has promised an emergency budget within 50 days of taking office.

The new coalition Government has set out how it plans to tackle the deficit and make £6 billion of cuts this year.

The coalition’s emergency Budget will be held on 22 June and while the new chancellor said he would like his first Budget to be about “handing out goodies”, he added that the UK had to “live within its means”.

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