Richard Hughes, the chairman of the Office for Budget Responsibility (OBR), finds himself under intense scrutiny following a major pre-Budget leak that rattled financial markets.
Hughes has said he would step down if the Chancellor or MPs lose confidence in him over the incident.
Personal Apology From the OBR Head
Speaking at a post-Budget briefing hosted by the Resolution Foundation, Hughes expressed deep regret.
“I’m personally mortified by what happened,” he said, acknowledging the inadvertent release of the OBR’s Budget assessment just before Chancellor Rachel Reeves addressed the Commons.
The leak, which briefly allowed public access to an Economic and Fiscal Outlook (EFO) document, triggered sharp swings in currency and bond markets.
Hughes clarified that the document was never officially published, but a hidden link was discovered and circulated widely.
Immediate Action and Investigation Underway
Once the leak was identified, Hughes said the OBR moved quickly to remove access.
He has written to both the Chancellor and the chair of the Treasury Select Committee to take full responsibility.
Hughes confirmed that an investigation is underway, led by the OBR’s oversight board with assistance from Sir Ciaran Martin, former head of the National Cyber Security Centre (NCSC).
The report is expected by early next week and will include recommendations to prevent a repeat of the incident.
Accountability at the Top
Hughes emphasized the seriousness of the situation, noting that his role is contingent on the confidence of both the Chancellor and the Treasury committee.
“If they conclude they no longer have confidence in me, then of course I will resign, which is what you do when you chair the Office for Budget Responsibility,” he said.
Political Pressure and Precedent
While Hughes declined to comment on the political fallout, including criticism from Labour sources, the incident comes amid an environment of heightened pre-Budget leaks from Whitehall.
The episode has intensified discussions around the security and timing of sensitive fiscal documents.
Moving Forward With Safeguards
The OBR has pledged to fully implement any recommendations from the investigation.
Hughes highlighted that budget security is taken “incredibly seriously,” and the aim is to ensure such a breach cannot happen again.
The coming days will be critical for Hughes and the OBR, as the Treasury Select Committee reviews the findings and decides whether confidence in the chairman remains intact.
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