Institute of Fiscal Studies director Robert Chote has been selected as the preferred chair of the Office for Budget Responsibility (OBR).
The Chancellor's choice for the position will now go before the Treasury Select Committee so that his position can be confirmed, although MPs will have the power to veto the appointment.
As chair of the OBR, Chote will work with other members of the Budget Responsibility Committee and will have executive responsibility for producing official fiscal and economic forecasts.
Chote says: "The creation of the OBR is a great opportunity to ensure that the tax and spending decisions of this and future governments are informed by demonstrably rigorous and independent analysis of the outlook for the public finances and the economy.
"If my appointment is confirmed, I will ensure that the OBR draws on the fullest possible range of information and expertise, from within government and without, and that we will make and present our judgements without fear or favour."
George Osborne adds: "Robert Chote's experience and suitability to become the first chair of the permanent OBR is beyond doubt.
"As director of the Institute for Fiscal Studies, he has been one of the most credible independent voices on the public finances, taxation and public spending."
In a letter to the Treasury Select Committee, the chancellor also set out his intention for the OBR to produce an update to the official economic and fiscal forecast before the end of the year, taking into account the outcome of the upcoming Spending Review.
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