LONDON, November 27, 2025 – The head of Britain’s fiscal watchdog, Office for Budget Responsibility (OBR) Chair Richard Hughes, said on Thursday that he would resign if Chancellor of the Exchequer Rachel Reeves and Parliament lose confidence in him following the early publication of the government’s budget report. The incident, which briefly moved markets, has sparked anger among lawmakers and raised questions about the management of sensitive fiscal data.

Early Release Sparks Controversy

The controversy arose when the OBR’s November 2025 Economic and Fiscal Outlook was accidentally made publicly available about an hour before Reeves delivered her budget speech in Parliament. The early release revealed key details on taxes, economic growth, and policy measures, prompting immediate scrutiny and criticism.

Hughes acknowledged the seriousness of the incident, saying he was “personally mortified”. Speaking at an event hosted by the Resolution Foundation, he emphasized that his role depends on the confidence of both the Chancellor and the Treasury Committee, the influential panel of lawmakers overseeing fiscal matters.

“If they both conclude from the investigation that they no longer have confidence in me, then of course, I will resign, which is what you do when you’re the chair of something called the Office for Budget Responsibility,” Hughes said.

Investigation Underway

An internal investigation into the early leak is now underway, overseen by the OBR oversight board and including input from Professor Ciaran Martin, former head of the National Cyber Security Centre. The inquiry will determine how the document became accessible and recommend measures to prevent future incidents.

Hughes explained that the OBR report was inadvertently uploaded to its website on an unprotected link, though the link was not advertised publicly. In a letter to Reeves, later published by the OBR, Hughes apologized and confirmed that the report’s premature availability was accidental.

Market and Political Reactions

The early release briefly affected financial markets, highlighting the sensitivity of government fiscal announcements. Reeves described the leak as a “serious breach” but affirmed her confidence in Hughes, noting that the incident was unintentional.

Lawmakers in Parliament have also expressed concern, emphasizing the importance of confidentiality in fiscal reporting to ensure orderly dissemination of economic policy information and prevent market disruption.

Implications for Fiscal Oversight

The incident underscores the critical role of the OBR in providing independent fiscal analysis for the UK government. Maintaining trust in the OBR’s data handling and publication protocols is crucial for both market stability and public confidence. Hughes’ offer to resign demonstrates accountability, but the ongoing investigation will likely influence future oversight and security measures for fiscal reporting.