The Chancellor Mr. George Osborne has supported the liberty of the Office for Budgetary Responsibility (OBR) because of the issue of the reports it has revised down as a key forecast. According to the report of the Financial Times, the newly appointed body has reduced the number of public sector jobs and the job cuts would be implemented under the new government.

Mr. Osborne has created a body which is separate from the government and out of reach of any political influence.

He has also said that the situation is very different from the former government where the Chancellor of the Exchequer used to decide the forecast, but now it’s up to OBR to decide the forecast.

According to him at that time the decision of the Chancellor was very often influenced by politics rather than economics. He has created the independent body to give the public reassurance.

According to the Financial Times the revision by the OBR had caused the cuts of the public sector jobs. FT has estimated that about 175,000 jobs would be cut under the coalition government and the figures would rise to 600,000 by 2015-16.