|Office for Budget Responsibility (OBR)|
An agency created by the UK government in 2010 with the purpose of providing independent and authoritative analysis of the UK’s public finances. The OBR produces forecasts for the economy and public finances; provides assessment of progress towards the UK government’s fiscal targets and long-term sustainability of the public finances; and scrutinizes the costing of the UK budget measures by HM Treasury. The results of the OBR’s activities are published in the annual report on forecast evaluation and on fiscal sustainability, and in a semi-annual report on economics and fiscal outlook. In addition, the OBR answers parliamentary questions on its forecasts and gives evidence to parliamentary committees.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|