Mr. Hurd became known for his flip chart and his ability to distill each business decision to a set of metrics that could determine how profitable a move would be, said former colleagues.
Osbourne, who is currently at number 18 in this week's singles chart with her second single Shut Up, was "upset" about the decision, her spokeswoman added.
Public debt has already risen above 40% owing to the decision by official statisticians to include the liabilities of Northern Rock, a mortgage lender nationalised in February (see second chart).