2 The Chancellor's preferred candidate
Background on Robert Chote
8. Mr Chote has been director of the Institute for
Fiscal Studies (IFS) for eight years. Prior to his appointment
to the IFS in 2002, he was an advisor to the First Deputy Managing
Director of the International Monetary Fund. Before this he was
Economics Editor at the Financial Times. He holds a Masters
in International Public Policy from Johns Hopkins University and
a BA in Economics from Cambridge University. Mr Chote has appeared
before the Treasury Committee on numerous occasions during his
time as Director of the IFS.
Our evidence
9. In oral evidence, we questioned Mr Chote about
his personal suitability for the post, the issues facing the new
OBR, and how he saw himself responding to those issues. Topics
we questioned Mr Chote about included:
- Mr Chote's intention to serve his full term;
- independence, and how confidence in independence
can be maintained;
- political impartiality;
- the OBR's relationship with the Chancellor of
the Exchequer, the Treasury, Parliament and the public;
- the OBR's resources;
- the role of the Chair of the OBR;
- skills needed by the BRC and OBR;
- uncertainty in forecasts;
- relationship with independent forecasters;
- relationship between OBR and Bank of England
forecasts;
- the OBR's work programme;
- the models used for forecasting; and
- ownership of forecasting models.
Conclusions
10. We are satisfied that Robert
Chote has the professional competence and personal independence
to be Chair of the OBR. We wish him every success in his new role.
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