The Treasury Committee has launched an inquiry to reflect on the Office for Budget Responsibility’s first 15 years, with a focus on what lessons can be drawn from its track record and how it can continue to support economic stability and policymaking in the UK.

The Committee is inviting evidence on the OBR’s historic performance, including the accuracy of its economic and fiscal forecasting and its impartiality since it was established.

MPs are also seeking views on whether the role and remit of the OBR should be reformed, and how it works alongside HM Treasury, to ensure it continues to contribute to positive economic outcomes.

Dame Meg Hillier, chair of the Treasury Committee, said: “The OBR is an important part of the UK’s fiscal framework. But it is often castigated by frustrated economists who feel they should be in charge because they shout the loudest.

“And we need only remember Liz Truss’ ‘mini-budget’ to remind ourselves of what happens when the OBR is sidelined.

“This inquiry is not a stick to beat the OBR with. What my Committee intends to do is have an honest conversation about what the watchdog does well and where it needs to do better.

“I hope this will provide a useful foundation for the new Chair when they are appointed.”