Do we really need the Office for Budget Responsibility? - Richard Murphy

4th December 2025

Is the Office for Budget Responsibility really protecting the UK economy, or enforcing austerity?.

I argue that the OBR was designed to remove democratic control over fiscal policy, block investment, and prioritise City interests over public wellbeing.

In that case, it's time to get rid of it and put economic democracy back at the heart of government.

0:00 — Do We Need an OBR?
0:40 — The UK Thrived for Centuries Without One
1:20 — Gordon Brown and Bank of England Independence
2:05 — Osborne Creates the OBR in 2010
2:50 — The OBR's Real Purpose: Enforcing Austerity
3:40 — False Assumptions Behind OBR Fiscal Rules
4:25 — What the OBR Ignores: Real Outcomes and Public Needs
5:20 — Fundamental Economic Errors the OBR Makes
6:10 — How the OBR Blocks Investment and Damages Services
7:15 — Why the OBR Must Go and Economic Democracy Must Return