Jenrick Backs OBR and Bank of England but Ends Cosy Consensus

Published: 18 February 2026. The English Chronicle Desk. The English Chronicle Online

Robert Jenrick, the newly appointed shadow chancellor for Reform UK, has signalled a fresh approach to major economic institutions — promising to support the Office for Budget Responsibility (OBR) and defend the independence of the Bank of England while vowing to end what he described as a “cosy consensus” around fiscal forecasting that has dominated British economic politics for years.

In a high-profile speech in the City of London this week, Mr Jenrick sought to reassure markets and business leaders that Reform UK, under the leadership of Nigel Farage, would not seek to abolish the OBR despite past scepticism from within the party’s ranks. Instead, he said the party would back the OBR’s core role in promoting fiscal discipline, while pushing for reforms designed to increase diversity of opinion and improve forecasting accuracy — including open recruitment competitions and performance-based pay for leading economic forecasters.

“The OBR is far from perfect,” Mr Jenrick acknowledged, but argued it plays an important role in ensuring transparent and responsible economic planning. He added that Reform UK wants to break up the cosy consensus he says has allowed a narrow set of assumptions to dominate government forecasting and policy decisions, and would open the institution to superforecasters from outside traditional circles.

Beyond support for the OBR, Mr Jenrick also pledged to maintain the independence of the Bank of England if Reform UK were to enter government, stressing that the central bank should focus on its core mission of controlling inflation. He proposed removing what he described as “distractions” — such as roles tied to net-zero climate goals — to sharpen its mandate on price stability.

The speech came as part of a broader effort by Reform UK to establish economic credibility after Mr Jenrick’s defection from the Conservative Party and his appointment to the shadow Treasury role. By backing institutions that have long been central to fiscal credibility, Reform UK hopes to calm investor nerves and present itself as a serious contender on fiscal policy, even as it continues to aggressively criticise both Labour and Conservative economic orthodoxy.

Political rivals were quick to respond. Treasury ministers dismissed Mr Jenrick’s claims as inconsistent with Reform’s past rhetoric on fiscal watchdogs and criticised the party’s own spending commitments as lacking credible costings. They argued that Reform UK’s proposals risked fueling confusion in markets and undermining confidence in economic guidance without presenting detailed, independently verified plans.

Whether Mr Jenrick’s balancing act — defending established fiscal institutions while pledging to disrupt the consensus around them — will succeed in convincing sceptical investors and voters remains to be seen. But his speech marks a clear shift in Reform UK’s economic messaging, from outright hostility to cautious endorsement combined with calls for change.

Read More At>>