We have so many independent authorities now, standing behind or over traditional agents such as government departments or even Parliament. The latest is the Office for Budget Responsibility which will make independent forecasts on public finances for budgets.
I often ask myself – independent of what? Democracy? We do not vote for them, the members are usually appointed by the time we hear about them. Are their terms & conditions of service, remuneration, reward packages, pensions & expenses a matter of public record? What happens if we just want to say SHAN’T when they tell us what to do?
There is no such thing as an independent forecast anyway – the assumptions on which it is based are necessarily rooted in the knowledge, experience & beliefs of the forecaster(s). A truly independent approach all too often leads only to rejection by ones peers – as Wynne Godley, who sadly died this week, found out.
