Office for Budget Responsibility Forecasts

Josh Fenton-Glynn Excerpts

Monday 1st December 2025 Commons Chamber

[James Murray]

The right hon. Gentleman and I disagree about the role of the OBR. We value its role in a transparent and robust fiscal framework. Madam Deputy Speaker, during this debate Richard Hughes has offered his resignation. May I put on record, on behalf of the Government, our thanks to him for his dedication to public service?

[Josh Fenton-Glynn (Calder Valley) (Lab)]

It strikes me that much of the criticism from the Opposition Benches is rooted in the decision to increase funds to raise the headroom. I know that forecasts are a job for the OBR, but given that it is busy at the moment, could my right hon. Friend advise me on what the likely impact on the markets would have been of having headroom of just £4 billion?

[James Murray]

My hon. Friend is right to draw attention to the fact that, had I been here today defending a headroom of £4 billion or less, it would have been a completely impossible task. This Government are determined to ensure that we increase headroom to give us greater stability. By increasing it to £21.7 billion, we have done just that.