Fiscal Leak Fallout: OBR's Hughes Faces Resignation Pressure

The head of Britain's fiscal watchdog, Richard Hughes, offered to resign after the Office for Budget Responsibility inadvertently leaked budget details, causing market volatility and political uproar. Finance minister Rachel Reeves confirmed her continued confidence in Hughes amid an ongoing investigation into the incident.

LONDON, Nov 27 (Reuters) - The unexpected early publication of budget details by Britain's fiscal watchdog, the Office for Budget Responsibility (OBR), has led to a political storm. Richard Hughes, OBR Chief, is embroiled in controversy as he offers his resignation if demanded by finance minister Rachel Reeves and lawmakers.

Reeves, addressing the breach on Wednesday, labeled it as a significant overstep by the OBR. She maintained her trust in Hughes while speaking to Sky News, despite the debacle. The early release overshadowed her parliamentary budget speech, as key policy points on taxation and growth were disclosed prematurely.

Richard Hughes expressed deep remorse, stating he felt 'mortified' and announced an investigation is underway. The probe, supervised by the oversight board's chair, will involve cybersecurity expertise to prevent future leaks. The link, inadvertently published on the OBR's site, remains under scrutiny.

(With inputs from agencies.)