Alan Budd

Sir Alan Peter Budd GBE (born 16 November 1937) is a prominent British economist, who was a founding member of the Bank of England's Monetary Policy Committee (MPC) in 1997.

He left the MPC in May 1999, and between August 1999 and 2008 was Provost of The Queen's College, Oxford.

He was temporarily head of Her Majesty's Government's Office for Budget Responsibility during 2010.[2]

Sir Alan Budd

Alan Budd
Sir Alan Budd in 2008.
Chairman of the Office for Budget Responsibility
In office
May 2010 – 4 October 2010
Preceded byoffice established
Succeeded byRobert Chote
Personal details
Alan Peter Budd

16 November 1937 (age 81)
Bromley, London, England[1]
Alma materLondon School of Economics
University of Oxford
University of Cambridge


Budd went to Oundle School, a public school in Cambridgeshire, and then studied at the London School of Economics where he received a B.Sc. degree in economics. He subsequently went to the University of Oxford where he received an MA degree and a D.Phil. degree and to the University of Cambridge where he obtained a Ph.D. degree.[3]

His academic posts have included the University of Southampton, Carnegie-Mellon University, University of Pittsburgh (Ford foundation visiting professor), and the University of New South Wales (Reserve Bank of Australia visiting professor).

Economic positions

After various academic roles, he became senior economic advisor to HM Treasury between 1970 and 1974. From 1979 to 1981 he was Special Adviser at the Treasury in Margaret Thatcher's government. Reflecting on his position during this time, Budd expressed concerns that the policies that were implemented to allegedly reduce inflation might, in fact, have had a hidden agenda. In a documentary interview, Budd postulated that the Thatcher's actual goal might have been to deliberately raise unemployment in order to reduce the strength of the working classes and re-created a reserve army of labour to allow capitalists to make high profits. [4]

During the 1980s he was a professor of economics and director of the Centre for Economic Forecasting at the London Business School. Other appointments have included group economic adviser, Barclays Bank (1989–91), and membership of the Advisory Board for Research Councils (1990–91).

Between 1991 and 1997, he was chief economic adviser to the Treasury, and headed the government economic service.

Among his activities as an economist, he is a governor of the National Institute for Economic and Social Research; a founder member of the UK-Japan 21st Century Group; an executive editor of World Economics and a member of the editorial advisory board of the Oxford Review of Economic Policy. He is also a senior adviser to Credit Suisse First Boston and a consultant to the G8 Group. In 2005, he was appointed to the board of the IG Group, a spread betting firm founded by Stuart Wheeler.[5]

Public profile

Budd was a member of the Independent Review Panel on the Future Funding of the BBC (1999), and chairman of the Gambling Review Body which produced the Gambling Review Report (2001). In 2004 he was asked to investigate the circumstances surrounding the issue of a visa to the nanny of Kimberly Quinn, the lover of David Blunkett, the then Home Secretary; Budd's report concluded that there was no evidence that Mr Blunkett had personally interfered in the visa application, but that he was "able to establish a chain of events linking Mr Blunkett to the change in the decision on [the] application." Blunkett resigned as home secretary after being told in advance of the report's findings.

In May 2010 he came out of retirement to be the interim Chairman of the Office for Budget Responsibility, set up by Chancellor of the Exchequer George Osborne to assess the state of public finances and issue economic forecasts.[6] He described this as "the most exciting challenge of my professional life". In July 2010 it was announced that he will not continue in the role after his initial 3-month contract expires.[7][2] The Financial Times reported "His departure was expected and Budd had let it be known privately that he had never intended to serve as chairman of the OBR for anything other than a short period. His contract spanned the emergency Budget, leaving enough time thereafter to advise on the legislation needed to establish the OBR on a permanent basis."[8]


Budd was knighted in the 1997 New Year Honours. Besides Provost (1999-2008), he is an Honorary Fellow of The Queen's College, Oxford since 2008. He was awarded an Honorary DSc degree by the University of Salford in 2008.[9] He was appointed Knight Grand Cross of the Order of the British Empire (GBE) in the 2013 New Year Honours for services to economic policy and the Office for Budget Responsibility.[10][11]


  1. ^ "Index entry". FreeBMD. ONS. Retrieved 22 April 2018.
  2. ^ a b Inman, Phillip (6 July 2010). "Alan Budd quits as government spending watchdog". The Guardian. London.
  3. ^ "Oxford University Gazette, 4 October 2007: University Acts". Retrieved 24 August 2015.
  4. ^
  5. ^ Stevenson, Rachel (14 April 2005). "Sir Alan Budd to join Tory donor's spread betting firm". The Independent. London.
  6. ^ Speech by the Chancellor of the Exchequer, the Rt Hon George Osborne MP, on the OBR and spending announcements, HM Treasury, 17 May 2010, archived from the original on 24 May 2010
  7. ^ Economics. "Sir Alan Budd to leave the Office for Budget Responsibility". Telegraph. Retrieved 24 August 2015.
  8. ^ [1] Archived 9 July 2010 at the Wayback Machine
  9. ^ "Honorary Graduates 1967 - 2014" (PDF). Retrieved 24 August 2015.
  10. ^ Cabinet Office (28 December 2012). "New Year Honours: New Year 2013 Honours List – Higher Awards" (PDF). Cabinet Office. Retrieved 29 December 2012.
  11. ^ "No. 60367". The London Gazette (Supplement). 29 December 2012. p. 6.

External links

Government offices
New office Chairman of the Office for Budget Responsibility
1937 in the United Kingdom

Events from the year 1937 in the United Kingdom. Perhaps the most notable event of the year was the coronation of King George VI, who had ascended to the throne at the end of the previous year.

Budd (surname)

Budd is a surname. Notable people with the surname include:

Alan Budd (born 1937), British economist

Barbara Budd (born 1953), Canadian actress

Brian Budd (born 1952), Canadian professional soccer player

Bryan Budd (1977–2006), British soldier posthumously awarded the Victoria Cross

Christopher Budd (mathematician) (born 1960), British mathematician

Christopher Budd (cricketer) (born 1978), English cricketer

Christopher Budd (bishop) (born 1937), British Roman Catholic prelate

Colin Budd (born 1945), British civil servant and diplomat

Dave Budd (born 1938), American basketball player

Edward G. Budd (1870–1946), American inventor and businessman

Eric Budd (1924–2006), English cricket administrator

Frank Budd (born 1939), American football player

Harold Budd (born 1936), American ambient/avant-garde composer

Herbert Ashwin Budd (1881–1950), British painter

James Budd (1851–1908), American lawyer and Democratic politician

Ralph Budd (1879–1962), American railroad executive

Roy Budd (1947–93), British jazz musician and film composer

Sibylla Budd (born before 1999), Australian actress

Ted Budd (born 1971), American politician

Timothy Budd (born before 1976), American professor of computer science

Wayne Budd (born 1941), American executive and attorney

Zola Budd (born 1966), South African-born British track and field athlete who competed in the Summer Olympic GamesFictional charactersTitle character of Herman Melville's novella Billy Budd, first published 1924

David Budd, main character of Bodyguard (UK TV series)

Civil Service (United Kingdom)

Her Majesty's Home Civil Service, also known as Her Majesty's Civil Service or the Home Civil Service, is the permanent bureaucracy or secretariat of Crown employees that supports Her Majesty's Government, which is composed of a cabinet of ministers chosen by the Prime Minister of the United Kingdom of Great Britain and Northern Ireland, as well as two of the three devolved administrations: the Scottish Government and the Welsh Government, but not the Northern Ireland Executive.

As in other states that employ the Westminster political system, Her Majesty's Home Civil Service forms an inseparable part of the British government. The executive decisions of government ministers are implemented by HM Civil Service. Civil servants are employees of the Crown and not of the British parliament. Civil servants also have some traditional and statutory responsibilities which to some extent protect them from being used for the political advantage of the party in power. Senior civil servants may be called to account to Parliament.

In general use, the term civil servant in the United Kingdom does not include all public sector employees; although there is no fixed legal definition, the term is usually defined as a "servant of the Crown working in a civil capacity who is not the holder of a political (or judicial) office; the holder of certain other offices in respect of whose tenure of office special provision has been made; [or] a servant of the Crown in a personal capacity paid from the Civil List". As such, the civil service does not include government ministers (who are politically appointed), members of the British Armed Forces, the police, officers of local government authorities or quangos of the Houses of Parliament, employees of the National Health Service (NHS), or staff of the Royal Household. As at the end of March 2018 there were 430,075 civil servants in the Home Civil Service, this is up 2.5% on the previous year.There are two other administratively separate civil services in the United Kingdom. One is for Northern Ireland (the Northern Ireland Civil Service); the other is the foreign service (Her Majesty's Diplomatic Service). The heads of these services are members of the Permanent Secretaries Management Group.

Geoffrey Marshall

Geoffrey Marshall (22 April 1929 – 24 June 2003) was a leading constitutional theorist in the United Kingdom, best known for his work around the British constitution.

Industry Act 1975

The Industry Act 1975 (c. 68) was an Act of the Parliament of the United Kingdom passed by Harold Wilson's Labour government.

List of Honorary Fellows of The Queen's College, Oxford

This is a list of Honorary Fellows of The Queen's College, Oxford.

Tony Abbott

Rowan Atkinson

Sir James Ball

Sir Richard Barrons

Adrian Beecroft

Sir Tim Berners-Lee

Sir Christopher Bland

Vernon Bogdanor

Cory Booker

Alan Bowman

Sir Alan Budd

Richard Carwardine

Clayton Christensen

Sir James Craig

Sir Brian Donnelly

David Eisenberg

Bill Frankland

Eric Garcetti

Sir John Gillen

Sir John Griffith Williams

Peter Hacker

Ilkka Hanski

Hugh Allen Oliver Hill

Leonard Hoffmann, Baron Hoffmann

Tony Honoré

Ioan James

David Jenkins

Ruth Kelly

Ron Laskey

Sir Paul Lever

Colin Low, Baron Low of Dalston

Avishai Margalit

Sir Colin McColl

Sir Fergus Millar

The Lord Morgan of Aberdyfi

Colin Morris

Dennis Nineham

Caryl Phillips

Oliver Sacks

Sir David Smith

Nicholas Stern, Baron Stern of Brentford

Sir Mark Turner

James Watt

List of Provosts of The Queen's College, Oxford

The head of The Queen's College, University of Oxford, is the Provost. The current Provost is Claire Craig who was pre-elected to serve from 2 August 2019.

List of University of Southampton people

This is a list of University of Southampton people, including famous officers, staff (past and present) and student alumni from the University of Southampton or historical institutions from which the current university derives.

List of economists

This is an incomplete alphabetical list by surname of notable economists, experts in the social science of economics, past and present. For a history of economics, see the article History of economic thought. Only economists with biographical articles in Wikipedia are listed here.

London Business School

London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). LBS is widely considered to be one of the world's best business schools and its motto is "To have a profound impact on the way the world does business".LBS was ranked 1st in Europe (2014, 2015, 2016, 2017, 2018) by the Financial Times and 2nd in the world (for Business and Management Studies; 2017) by the QS ranking. LBS' post-experience Masters in Finance programme is ranked 1st in the world by the Financial Times.The main campus is located in London next to Regent's Park in Sussex Place, built by the architect John Nash. In 2015, the school acquired the Marylebone Town Hall and spent £60 million to refurbish it with the objective of expanding its teaching facilities by 70%. LBS also has a secondary campus in Dubai that is dedicated to Executive Education and the Dubai EMBA.

Monetary Policy Committee

The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).

It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance. The Committee comprises nine members, including the Governor (from 2013 Mark Carney), and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government (2% per year as of 2019). Its secondary aim – to support growth and employment – was reinforced in March 2013.

Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the Committee was designed to be independent of political interference and thus to add credibility to interest rate decisions. Each member has one vote, for which they are held to account: full minutes of each meeting are published alongside the Committee's monetary policy decisions, and members are regularly called before the Treasury Select Committee, as well as speaking to wider audiences at events during the year.

Norman Lamont

Norman Stewart Hughson Lamont, Baron Lamont of Lerwick, (born 8 May 1942) is a British politician and former Conservative MP for Kingston-upon-Thames. He is best known for his period serving as Chancellor of the Exchequer, from 1990 until 1993. He was created a life peer in 1998. Lamont is a supporter of the Eurosceptic organisation Leave Means Leave.

November 16

November 16 is the 320th day of the year (321st in leap years) in the Gregorian calendar. 45 days remain until the end of the year.

Office for Budget Responsibility

The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally created in May 2010 following the general election (although it had previously been constituted in shadow form by the Conservative party opposition in December 2009) and was placed on a statutory footing by the Budget Responsibility and National Audit Act 2011. It is one of a growing number of official independent fiscal watchdogs around the world.Robert Chote, formerly a director at the Institute for Fiscal Studies is the current head.

Order of the British Empire

The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations,

and public service outside the civil service. It was established on 4 June 1917 by King George V and comprises five classes across both civil and military divisions, the most senior two of which make the recipient either a knight if male or dame if female. There is also the related British Empire Medal, whose recipients are affiliated with, but not members of, the order.

Recommendations for appointments to the Order of the British Empire were originally made on the nomination of the United Kingdom, the self-governing Dominions of the Empire (later Commonwealth) and the Viceroy of India. Nominations continue today from Commonwealth countries that participate in recommending British (Imperial) honours. Most Commonwealth countries ceased recommendations for appointments to the Order of the British Empire when they created their own honours.

Pandora's Box (TV series)

Pandora's Box, subtitled A Fable From the Age of Science, is a BBC television documentary series by Adam Curtis looking at the consequences of political and technocratic rationalism. It won a BAFTA for Best Factual Series in 1993.Curtis deals with, in order: Communism in the Soviet Union, systems analysis and game theory during the Cold War, economy of the United Kingdom during the 1970s, the insecticide DDT, Kwame Nkrumah's leadership in Ghana in the 1950s, and the history of nuclear power.

The documentary makes extensive use of clips from the short film Design for Dreaming, especially in the title sequence. Curtis's later series The Century of the Self and The Trap have similar themes to Pandora's Box.

Paul Madden

Paul Anthony Madden, (born 10 October 1948) is a British chemist and former Provost of The Queen's College, Oxford.

Robert Chote

Robert Chote (born 24 January 1968) is a British economist and current chairman of the Office of Budget Responsibility.

December 1997 – May 1998: George | King | Buiter | Goodhart | Plenderleith | Clementi | Julius | Budd
June 1998 – May 1999: George | King | Buiter | Goodhart | Plenderleith | Clementi | Julius | Budd | Vickers


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