Reform UK Proposes Overhaul of Bank of England and Budget Watchdog

Reform UK has announced proposals to revamp the Bank of England and the Office for Budget Responsibility, two institutions that are central to the economic framework of Britain GB. The plans, revealed today, February 18, 2026, involve significant changes to the composition and remit of the Bank of England and the introduction of competitive 'super-forecasters' to the Office for Budget Responsibility.

These proposals are significant because the targeted institutions are responsible for determining national monetary policy and providing the fiscal projections that underpin the government's budget planning. If the changes are implemented, they could fundamentally alter how inflation is managed and how fiscal policy is set and evaluated. The Reform UK plan aims to introduce new perspectives into the forecasting process currently managed by the Office for Budget Responsibility.