The chairman of the Office for Budget Responsibility (OBR) has resigned over the early publication of the watchdog’s forecasts. Richard Hughes said he was resigning to allow the OBR to “quickly move on from this regrettable incident”.

His resignation follows publication of a report that described the leak as “the worst failure in the 15-year history of the OBR” and strongly criticised the watchdog’s processes for protecting sensitive information. In a letter to the Chancellor and the chairwoman of the Commons Treasury Committee, Mr Hughes said he took “full responsibility” for “the shortcomings identified in the report”.

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He said: “By implementing the recommendations in this report, I am certain the OBR can quickly regain and restore the confidence and esteem that it has earned through 15 years of rigorous, independent economic analysis.”

Mr Hughes has served as chairman of the OBR since 2020 and was reappointed to the job for a second five-year term in July this year.

Kemi Badenoch has accused Rachel Reeves of using the chairman of the Office for Budget Responsibility (OBR) as a “human shield”.

Responding to the resignation of Mr Hughes, the Tory leader said in a statement on X: “Someone has resigned as a result of the budget chaos… but it isn’t Rachel Reeves.

“The Chancellor is trying to use the Chair of the OBR as her human shield. But I will not let her.

“Why is it ALWAYS someone else’s fault with Starmer and Reeves?”

Treasury minister James Murray has thanked Mr Hughes for his “dedication to public service”.

Speaking in the Commons, Mr Murray said: “During this debate Richard Hughes has offered his resignation, and may I put on record on behalf of the Government, our thanks to Richard Hughes for his dedication to public service.”