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Richard Hughes, the chair of the Office for Budget Responsibility, has stepped down from his position following a significant early leak of the recent Budget. The resignation comes after a comprehensive review identified systemic failures that also allowed premature access to the Spring Statement, raising serious concerns that previous Budgets may have similarly been compromised.
The review described the incident as the most severe failure in the office’s history, intensifying the political scrutiny on the Treasury. Sources indicate relations between the financial watchdog and the Treasury had reached an all-time low in the lead-up to Hughes’s departure, particularly after he chose to publish a timeline that challenged the Chancellor’s assertions regarding the fiscal challenges she faced.
The outgoing OBR chief will no longer appear before a Treasury committee, a development that is seen by some as sparing Chancellor Rachel Reeves from further criticism at a time when she is already under immense pressure. Millenium TV understands that Hughes faced a public rebuke from the Prime Minister prior to his resignation, with some political observers suggesting he was effectively forced out. Hughes stated he took full responsibility for the leak, although opposition leader Sir Keir Starmer notably refrained from expressing confidence in the senior economist.
Amidst the ongoing financial discourse, Sir Keir Starmer has firmly denied any misleading conduct concerning the “Budget black hole,” stating, “We didn’t mislead anyone.” This denial surfaces as a deepening row continues over what discussions took place between Rachel Reeves, Sir Keir, and ministers regarding an improved OBR forecast. In other Budget-related news, Millenium TV has learned that council houses valued over £2 million will not be subject to the new property tax introduced by the Chancellor.
Separately, Labour MP Tulip Siddiq has been sentenced to two years in jail in Bangladesh. The conviction, delivered in her absence following a trial over corruption allegations, has been vehemently disputed by the MP, who described the entire process as “flawed and farcical from the beginning to the end.”
© Millenium TV
