Richard Hughes News

05.11 / 18:23

Schools OBR chair warns half of Budget tax revenues 'are quite uncertain'

In a Treasury Select Committee (TSC) hearing today (5 November), the OBR said that while «half of tax rises are certain and reliable», the other half of the tax yield is less of a definite income for the government. This is because that part of the tax take «is based on raising taxes on a relatively small number of individuals for which the revenues are quite uncertain because it depends on how they respond», OBR chair Richard Hughes told committee members. Hughes was referring to a swathe of tax measures, such as tax on ‘non-doms', adding VAT to private school fees and changes to c...

12.03 / 16:59

MET FIVE OBR: Fiscally 'responsible' Spring Budget still carries 'significant risks'

Richard Hughes, chair of the OBR, told the Treasury Committee at a hearing today (12 March) that Jeremy Hunt's Budget was responsible, given that it met the objectives the chancellor had set for himself, namely to have debt beginning to fall as a share of GDP in five years' time. However, Hughes argued Hunt has done so with «one of the narrowest margins any chancellor has had against fiscal targets» at £9bn. The OBR chair noted this was the second narrowest, as the top spot was taken by Hunt's Spring Budget in 2023. As such, he said there are «significant risks to the fiscal outlooks»...

28.11 / 19:55

economics UK Budget Treasury Select Committee OBR OBR warns fiscal rules 'never require the chancellor to get debt falling'

Debt would have been £85bn in five years’ time if the chancellor had not taken any action at the Autumn Statement, OBR chair Richard Hughes said.

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