News story

Sir Charles Bean nominated for appointment to the Office for Budget Responsibility

Chancellor Philip Hammond nominates Sir Charles Bean for appointment to the OBR's Budget Responsibility Committee.

Sir Charles Bean
Sir Charles Bean (Copyright: PA)

The Chancellor has nominated Sir Charles Bean for appointment to the Budget Responsibility Committee (BRC) of the Office for Budget Responsibility (OBR).

Led by the Chairman, Robert Chote, the BRC has executive responsibility for the core functions of the OBR and is responsible for judgements reached in OBR economic and fiscal forecasts.

The new BRC vacancy arises because Sir Stephen Nickell is due to step down from office in December this year. Sir Stephen will remain in post for the upcoming Autumn Statement forecast.

The Chancellor said:

I am delighted to nominate Sir Charles Bean for appointment to the OBR’s Budget Responsibility Committee. As one of Britain’s pre-eminent economists, Sir Charles brings decades of economic and policy expertise which will strengthen the existing independent and authoritative analysis of the OBR.

I would also like to put on record my thanks to Sir Stephen Nickell for his years of service to the OBR and for his significant contribution to the world-class work and standing of the organisation in its formative years.

Sir Charles Bean said:

I am delighted that the Chancellor has nominated me for appointment to the OBR’s Budget Responsibility Committee. Sir Stephen Nickell and the rest of the BRC have done excellent work in establishing the credibility and reputation of the OBR, and I will be honoured to take up the post should the Treasury Committee wish me to do so.

Further information

Sir Charles Bean is a highly respected economist. He spent fourteen years as a member of the Bank of England’s Monetary Policy Committee, including six years as Deputy Governor for Monetary Policy. Sir Charles has published extensively on economic issues and is currently a professor at LSE. Sir Charles has worked closely with the public sector throughout his career, serving as an adviser to HM Treasury, and both Parliamentary and European Union Committees.

Sir Stephen Nickell will step down as a member of the OBR’s BRC in December this year. Sir Stephen’s first appointment to the BRC was announced in 2010 and he was re-appointed in October 2013, when he announced his intention to remain in post for three years.

As set out in the Budget Responsibility and National Audit Act 2011, appointments to the OBR’s BRC require consent from the Treasury Committee. Subject to this consent, Sir Charles is expected to formally take up this new role from the start of 2017.

The Budget Responsibility and National Audit Act 2011 allows each term of a BRC member to be up to five years in length, Sir Charles’ first term will therefore finish in January 2022. BRC members can serve for a maximum of two terms.

If confirmed, Sir Charles will join Robert Chote (Chair) and Graham Parker on the BRC, when he succeeds Sir Stephen Nickell.

Published 11 August 2016