Osborne names Chote as new budget watchdog head

The answer to that will be known by the end of the year as Osborne has asked Chote to update the OBR's forecasts taking account of the chancellor's October spending review before then.

And Chote said that he will ensure make its judgements without 'fear or favour', if his appointment wins the aopproval of the Treasury select Committee.

He said: 'The creation of the OBR is a great opportunity to ensure that the tax and spending decisions of this and future governments are informed by demonstrably rigorous and independent analysis of the outlook for the public finances and the economy.'