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MPs call for OBR to get protected status

The Treasury select committee has demanded that the Office for Budget Responsibility should have its independence enshrined in law, as the Government gears up to establish the organisation in statute later this year.

The committee wants the OBR to be responsible for appointing its own staff, with provision for a small group of non-executive directors to support it. Its report calls for the committee’s power to veto the appointment or dismissal of the chair and the other two members of the budget responsibility committee to be written in statute.

The select committee wants a review of the OBR’s performance, remit and institutional accountability arrangements to be held within five years, including whether it should become a Parliamentary body.

The renewed calls for independence come after the OBR’s first chairman Sir Alan Budd left after just three months, amid accusations he issued public sector job cut forecasts in a way that assisted Prime Minister David Cameron.

Institute for Fiscal Studies head Robert Chote was last week named as new chairman

Select committee chairman Andrew Tyrie says: “For the OBR to succeed, it will have to be, and be seen to be, independent, particularly after the difficult early period of the interim body. Picking the right people for the OBR is important but it is not enough.”


Managers need to push active management, says Fitch

European asset managers will need to stimulate investor interest in actively-managed products if they are to improve performance post-crisis. Fitch Ratings says in a report today that European asset managers will need to restore and strengthen the resilience of their business models as well as improving relationships with investors if they are to see their […]

Home alone

The number of new houses started in 2008/09 is down by 42 per cent on the previous year, which is leading to concerns about a lack of supply of rental property coming into the market. At the same time, demand for private rented property has been increasing steadily due to demographic changes and constraints facing […]

Daniels could receive up to £13m on retirement

Lloyds chief executive Eric Daniels could leave the state-backed bank with around £13m in salary, bonuses and shares when he retires in Autumn 2011. According to a report in the Daily Telegraph, the 59-year-old is on a £1.035m annual salary and can earn a maximum annual bonus of £2.33m. It says Daniels is also in […]

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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