The head of the UK's new fiscal watchdog will step down in the summer when his three-month contract expires, a spokesman for the Treasury said last night.
Former Treasury economist and ex-Bank of England policymaker Sir Alan Budd was appointed interim head of the independent Office of Budget Responsibility (OBR) on its creation in May, Reuters reports.
However, many had expected him to stay in the role until the government spending review on 22 October.
"It was always Sir Alan's intention to leave in the summer," a Treasury spokesman said.
"He was appointed to provide forecasts for the June Budget and advice on the creation of the permanent OBR."
Libya eyes stake in 'bargain BP'
Libya has expressed an interest in building a stake in BP, describing the oil company as a bargain following its Gulf of Mexico oil spill, Telegraph reports.
Share in BP rose 3.5% to 333.3p in London, following weekend speculation that the company had been in contact with sovereign wealth funds about them buying stakes.
Shokri Ghanem, the chairman of Libya's National Oil Corporation, told a newswire that: "BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the Libyan Investment Authority."
He later added: "I think that BP shares are good value for bargain hunters."
BP denied that it was planning to issue any new equity, but a weighty shareholder buying up stock on the open market could still help provide a floor on the company's plummeting share price.
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