A Commons Treasury Committee has warned politicians not to blame the Office for Budget Responsibility (OBR) for difficult fiscal decisions caused by tight public finances. Ahead of Chancellor John Healey’s Budget next month, MPs defended the watchdog’s independence and rejected calls for fundamental reform, arguing that weakening it would be no substitute for sound economic policy.

The OBR currently produces two five-year forecasts each year, alongside the Budget and spring statement. The committee recommended adding a 10-year forecast to highlight the possible long-term benefits of government investment, while keeping fiscal rules tied to the existing five-year forecast. It also urged Parliament to debate the OBR’s long-term Fiscal Risks and Sustainability report, which includes 50-year projections.