Former BoE rate-setter to lead Office for Budget Responsibility

By the Editorial Team · Wednesday, June 24, 2026

Chancellor Rachel Reeves has nominated Jonathan Haskel, an Imperial College economist and former Bank of England Monetary Policy Committee member, to chair the Office for Budget Responsibility following Richard Hughes's resignation over a budget leak. Haskel’s appointment comes ahead of the autumn Budget and is significant for ensuring independent fiscal analysis amid potential political changes and economic challenges, including AI’s impact and post-Brexit investment shifts.

Chancellor Rachel Reeves has nominated Jonathan Haskel, an economics professor at Imperial College London and former member of the Bank of England’s Monetary Policy Committee, to serve as chair of the Office for Budget Responsibility (OBR). The appointment follows the resignation of Richard Hughes, who stepped down in December after the watchdog accidentally leaked details of Reeves’s November budget prior to its official release.

Haskel, 62, is expected to assume the role ahead of the upcoming autumn Budget. His nomination will undergo a pre-appointment scrutiny hearing by the House of Commons Treasury Committee before final approval. The Treasury indicated it hopes he will begin his tenure in time to oversee the fiscal review under what is anticipated to be an Andy Burnham-led government.

Haskel’s tenure on the Bank of England’s Monetary Policy Committee from 2018 to 2024 was marked by a generally hawkish stance, frequently supporting interest rate increases. His academic work focuses on productivity, innovation, and investment, themes seen as critical as the UK faces fiscal challenges related to defence spending, net migration forecasts, and the potential economic impact of artificial intelligence (AI). He has spoken positively about AI’s potential to accelerate innovation and productivity growth as a general-purpose technology.

His appointment is notably occurring amid political shifts, with Burnham yet to announce a chancellor, who may or may not adhere to Reeves’s choice for OBR chair. Meanwhile, Haskel has advised the OBR prior to last year’s Budget, notably when the watchdog’s less optimistic productivity outlook drew criticism from Reeves. He has also been critical of Brexit’s economic effects, estimating that UK business investment would have been around 13% higher by early 2026 had pre-referendum trends continued, equating to an estimated economic cost of approximately £1,000 per household.

The former OBR chair Richard Hughes had taken “full responsibility” for the budget leak, which an internal OBR report described as the institution’s “worst failure.” Since then, Hughes has been advising Burnham on economic strategy alongside other former economists such as Andy Haldane and Lord O’Neill of Gatley.

Reeves described Haskel as an outstanding nominee with a strong track record of independent and rigorous economic analysis, emphasizing his role in maintaining the credibility of the UK’s fiscal framework and underpinning sound public finances. Haskel himself stated his commitment to upholding the transparency and integrity of the UK’s public finances through the independent work of the OBR, which is legally tasked with assessing the sustainability of government tax and spending plans.

As the UK prepares for a potentially new administration under Burnham, Haskel’s leadership of the OBR will be closely watched, especially given the challenges posed by market scrutiny and evolving economic conditions.

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