Tuesday 20 October 2026 5:44 am  |  Updated:  Monday 19 October 2026 5:55 pm

The Chancellor should be brave and reform the OBR

By: Michael Martins

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Reforming the OBR will take courage, but it would well be worth it, writes Michael Martins in today’s Notebook

The case for reforming the OBR  

Ahead of next week’s Budget, I am something of a rarity: a small business owner who is cautiously optimistic. Not because I expect pro-business policy, but because John Healey has a rare opportunity to lean into a pro-growth cause with union support: reforming the Office for Budget Responsibility (OBR).

The OBR, which quantifies the government’s headroom and therefore its room to tax and spend, has achieved something remarkable. It has united Liz Truss, who wants to see the back of it, with the Trades Union Congress, which wants a root-and-branch review. Last month the Treasury Committee rejected reform and defended the OBR’s independence.

On independence, the Committee is right, but on reform, it is wrong. There comes a point in a democracy when voters’ disillusionment with fiscal policy must be answered. I believe we are at that point.

The problem is that the........

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