| OBR Resignation - Politics is stupid 18:15 - Dec 1 with 602 views | Chris_ITFC |
Some lowly IT bod hands out a sensible, generic URL. Smarty journalist guesses it, fair play.
And the Head of the whole organisation has to resign?
And opportunist airheads like Cooper get to call it “catastrophic”, with zero irony or consideration for the meaning of the word.
 |  |
| |  |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 with 553 views | DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |  | | |
| OBR Resignation - Politics is stupid on 18:31 - Dec 1 with 505 views | bournemouthblue |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 by DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |
Even by having a URL planned, the system should prevent you making it public before you need to, it is definitely a cock up |  |
| |
| OBR Resignation - Politics is stupid on 18:32 - Dec 1 with 503 views | JammyDodgerrr |
It's about as serious as it gets, it could've had a serious impact on the markets. I don't think the head has to resign, but he is clearly taking responsibility for it all. Good to see! |  |
| |
| OBR Resignation - Politics is stupid on 18:45 - Dec 1 with 456 views | Chris_ITFC |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 by DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |
Some trader would’ve made a lot of money. Big whoop.
My point is that it isn’t cultural, about leadership, widespread underperformance, or anything that the Head has any control or influence over.
It’s a very mundane, basic mistake - with big consequences, sure - but for him to be pushed is daft in the extreme. There’s zero benefit, 100% performative. | |
| |
| OBR Resignation - Politics is stupid on 18:49 - Dec 1 with 442 views | JammyDodgerrr |
| OBR Resignation - Politics is stupid on 18:45 - Dec 1 by Chris_ITFC |
Some trader would’ve made a lot of money. Big whoop.
My point is that it isn’t cultural, about leadership, widespread underperformance, or anything that the Head has any control or influence over.
It’s a very mundane, basic mistake - with big consequences, sure - but for him to be pushed is daft in the extreme. There’s zero benefit, 100% performative. |
He hasn't been pushed at all, he's chosen to go to save his colleagues. Reeves wrote him a letter on Friday saying she was happy for him to stay. | |
| |
| OBR Resignation - Politics is stupid on 18:51 - Dec 1 with 441 views | OldFart71 |
Did it make that much difference. If you work or get a small pension on top of the State Pension or run a business we are all clobbered.
I am not sure that giving those with more than two kids takes them out of poverty. What happens if for instance they already have three kids and then have one,two or three more will that mean that the extra ones are then put into poverty. Also if the people that have these extra children get to the point where they don't have enough bedrooms they will require a larger home. Putting even more pressure on councils or housing associations to find them larger homes.
Also those that have, to put it kindly, told half truths will remain in office. But it is probably better they do than who may take their places. |  | | |
| OBR Resignation - Politics is stupid on 18:54 - Dec 1 with 434 views | BlueForYou |
It was Labour who called to clean up Politics. Look at how they have performed since! It's just a massive of incompetence across the board. In this case, it's a serious breach to spill the content of the Budget. Someone high up has to be accountable |  | | |
| OBR Resignation - Politics is stupid on 19:13 - Dec 1 with 362 views | MrPotatoHead |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 by DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |
I sort of agree, although a trader would still have had to read the document, digest it and make a call on which way it was going to send the market (if any). There wasn't a lot in there that hadn't already been leaked in the days prior so while in principle I agree with you, in reality I'm not sure if was particularly helpful information in this case. Not sure that matters though and think your point remains. |  | | |
Login to get fewer ads
| OBR Resignation - Politics is stupid on 19:19 - Dec 1 with 334 views | TractorWood |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 by DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |
I agree in principal. I spend a lot of time trading and looking at the markets.
There was nothing really in the budget that hadn't already socialised. Equally, when trading, good news and bad news doesn't always move things how you expect. We are very vulnerable in the UK to movements in the US, overseas sentiment, crypto and AI cycles.
You'd also have to identify companies or equities that will benefit from the budget, which again is deeply subjective.
Nonetheless, fair play the guy had gone but he'd have had absolutely nothing to do with this IT waffle. |  |
| |
| OBR Resignation - Politics is stupid on 19:21 - Dec 1 with 323 views | GlasgowBlue |
He's done something that is very rare in politics these days done the honourable thing. His last act as OBR chair was to publish the advice he had given to the Treasury, making it clear that Rachel Reeves had not, as she made out, been told that there was a black hole that needed filled by extra tax.
The question now, is Rachel Reeves also a person of honour |  |
| |
| OBR Resignation - Politics is stupid on 19:33 - Dec 1 with 246 views | ArnoldMoorhen |
| OBR Resignation - Politics is stupid on 18:54 - Dec 1 by BlueForYou |
It was Labour who called to clean up Politics. Look at how they have performed since! It's just a massive of incompetence across the board. In this case, it's a serious breach to spill the content of the Budget. Someone high up has to be accountable |
Well, they have brought back accountability into our Public Life, which is a major step in cleaning up politics.
Angela Rayner made a relatively small error, under professional advice, and resigned pretty briskly.
The Head of the OBR is taking responsibility for an action which has caused a significant loss of trust in the organisation.
That's how it used to be. That's how it would have been under, for example, Margaret Thatcher. And in stark contrast to the way Boris Johnson manipulated the system to delay reports critical of him, for example.
It's a return to a bedrock principle of the post-War consensus:
No politician or public servant is so big or important that they can avoid accountability.
It's a good thing.
And I hope that both Richard Hughes and Angela Rayner, having acted honourably and taken accountability, are able to resume their careers in similar status jobs, and some point in the future, because they have proven themselves to have the character necessary for leadership and public service.
(I have deliberately added Angela Rayner in to see if anyone will judge her on the colour of her hair, the cut of her clothes or her gender, rather than on the way that she demonstrated her character.) | | | |
| OBR Resignation - Politics is stupid on 19:48 - Dec 1 with 186 views | mellowblue |
| OBR Resignation - Politics is stupid on 18:22 - Dec 1 by DarkBrandon |
I don’t agree.
This is serious, market shifting stuff. It is almost in the “you had one job” category. (Obviously they had to write the report …)
But the boss of the company is responsible, and if there wasn’t the understanding within the organisation that they were vulnerable to this, he should have brought in an expert to advise on the best way to control its release.
What if rather than Reuters guessing the url and telling everyone it had been a trader, who didn’t tell anyone but acted on the information. What if a trader did this last year and we still didn’t know? |
Hardly, everything had already been leaked anyway. It was already out there and markets had already absorbed it. Hence no market movement of any note. Ridiculous to force the resignation. | | | |
| OBR Resignation - Politics is stupid on 19:50 - Dec 1 with 184 views | mellowblue |
| OBR Resignation - Politics is stupid on 18:49 - Dec 1 by JammyDodgerrr |
He hasn't been pushed at all, he's chosen to go to save his colleagues. Reeves wrote him a letter on Friday saying she was happy for him to stay. |
That was before the OBR threw Reeves under the bus re the non-existant deficit. | | | |
| OBR Resignation - Politics is stupid on 20:40 - Dec 1 with 31 views | DJR |
| OBR Resignation - Politics is stupid on 18:49 - Dec 1 by JammyDodgerrr |
He hasn't been pushed at all, he's chosen to go to save his colleagues. Reeves wrote him a letter on Friday saying she was happy for him to stay. |
This was the Politics Live take on it.
"In the Commons James Murray, the chief secretary to the Treasury, has just offered thanks to Richard Hughes on behalf of the government for his public service.
But he did not say he was sorry to see him go. His opening statement (see 3.50pm) makes it clear that the government was determined to blame the error on longstanding problems linked to the OBR’s leadership."
There is, and has always been, a ruthlessness at the heart of the Starmer project. [Post edited 1 Dec 20:42]
|  | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
