Page last updated at 08:51 GMT, Monday, 17 May 2010 09:51 UK

Chancellor announces new fiscal watchdog

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Chancellor George Osborne has announced that a independent Office for Budget Responsibility will be set up to make economic forecasts.

He said these forecasts, the first of which will come out before the Budget, would create a "rod for my back down the line and for future chancellors. That's the whole point."

The office will be headed by former Bank of England Monetary Policy Committee member Alan Budd.

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