New UK budget arm tinkers with structure to improve independence

Most of this was in the UK press over the weekend, so it likely won’t move markets.

• The first forecasts from the Office of Budget Responsibility (OBR) had no political interference but the use of Treasury resources raised doubts of the offices independence.
• Parliament should have a role in OBR appointments: OBR head Budd
• OBR should be located outside of the Treasury and should have a mix of external staff and staff seconded from the Treasury.