Speeches by Glen.

“People watching this will think, “Who is in charge?” The OBR does significant macroeconomic forecasting, yet the Chancellor makes the decisions. Could you describe the dynamic between the Treasury and the OBR in terms of the use of the macroeconomic forecasting that it does? Does the Treasury rely on that? Tell me abou…”

“On this issue of the OBR’s responsibilities, it has more responsibilities than independent fiscal institutions elsewhere in comparable OECD countries. Would you offer any reflections on whether that is right, or whether in fact it could do less? Would that be a problem? How do you feel about its overall responsibilitie…”

“Could I turn now to the lead-up to the Budget? Many commentators have given us evidence where they suggest that the OBR’s pre-measures forecast should be published in order to avoid weeks or indeed months of speculation over what it is saying to the Treasury and what the Chancellor’s options are. Are you sympathetic to…”

“I was always very junior.”

“You have so many. You have the Resolution Foundation. You have the IFS. You have other serious think-tanks. The problem is that every one is prayed in aid to substantiate a different perspective on the public finances. Would it not be helpful? Given the OBR’s authority in the formal Budget process for the Chancellor, i…”

“The criticisms that we see, implicit at least in what Louise Haigh has said, are a function of frustration with the honesty of the OBR. Is that a fair characterisation?”

“We will come on to look at what happened last year in terms of communications, but it is fair to say that, in a situation where the OBR is potentially putting some quite difficult interpretations of macroeconomic data into that discussion in that pre-Budget conversation with the Treasury, it would be only natural for T…”

“A former OBR chair said to us in one of our previous sessions that he thought that the OBR “had in good faith and pretty professionally done the tasks that Parliament has set for it”, whereas Louise Haigh, a significant figure previously in the Government and perhaps in the future very soon, called the OBR an “unelecte…”

“You have acknowledged that the OBR has more responsibilities than comparable independent fiscal institutions.”

“Can I just ask one question on the lifetime ISA? We have not yet seen the Government’s plans on the lifetime ISA. For the self-employed, they can put in £4,000 a year up to the age of 50 with a 25% government top-up, giving them a tax-free pot alongside their basic state pension. It seems to me that that would be a sig…”

“There is so much more that I could ask, but I feel I have had my share.”

“Minister, why did it take over seven months to get to the point of nearly appointing a new OBR chair? While I am sure that the Government want to get the best possible candidate, it is probably true that there are not thousands of people who would be suitable. It seems a long time.”

“Is it the most effective way to deal with the poorest? If your objective, which I would have thought most Governments would have, was to increase the income of the poorest deciles, would the triple lock be the best way of achieving that objective, with all its messiness that you describe?”

“Can I just ask some questions about pensions generally? You have been quoted as previously referring to the triple lock in pensions as “rubbish”. Clearly, you had a previous role. We see this with the new head of the PRA. When she was at Barclays, she probably had a different view on ringfencing than she does now. Now …”

“It is not unfair.”

“A week or two ago, your successor at the Resolution Foundation said that it has been more expensive than had been anticipated and it does not have the effect on the poorest that was envisaged. She is a serious person. You worked with her closely. Was she wrong when she said that?”

“Do you not think that its authority in our national life effectively means that, although in theory a Chancellor could make different decisions that do not align with the OBR, in practice that is now virtually impossible in terms of presentation?”

“Have you used a new head-hunter or something? Seven months seems a very long time to get from commission to finding somebody, to longlist, shortlist, interview, and to this point.”

“What I am trying to say is that you have reserve powers that have now been somewhat trimmed back in terms of their extent and the fact they are time-limited. Pension fund managers have essentially called the shots on this. They are making the decisions.”

“Okay. I believe that one of the retrospective changes to the student loans was the freezing of the thresholds that determine the graduate student loan interest rate. That was not disclosed in the Budget document, yet it was scored at £1 billion. I know that you were not responsible for this at the time, but why do you …”