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The Latest Breaking News from Budget

Pre-Budget jitters blamed for surprise contraction in economy

Official figures showed the UK economy shrank for the second month running in October, contracting by 0.1% following a 0.1% decline in September.

Evening Standard

UK economy unexpectedly shrank in October in fresh blow for Rachel Reeves

Economy contracted by 0.1 per cent in October, according to the Office for National Statistics

The Independent UK

Publicans ‘petrified’ over closures and job cuts after Budget tax increases

Industry bosses are calling for urgent tax relief after holding an emergency meeting on Wednesday.

Evening Standard

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New home buyer inquiries fell to two-year low in November – Rics

Survey feedback continues to point to a gentle decline in house prices overall, the report said.

Evening Standard

Resign over Budget briefing chaos, Reeves urged as she orders leak inquiry at the Treasury

Chancellor Rachel Reeves has been urged to resign over the chaos in the run up to her financial statement

Evening Standard

Pre-Budget shopper ‘jitters’ dampen Black Friday sales

Total retail sales across the UK increased by 1.4% year on year in November – the weakest growth in six months, BRC and KPMG figures show.

Evening Standard

Banks in mortgage war as rates plunge in major boost to buyers

Santander and Nationwide have both dropped rates again in a bid to spark up property moves

The Independent UK

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Millions of pension savers set to lose out after major Budget changes

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The Independent UK

Child poverty strategy ‘will give every child a good start in life’

The plan comes amid a record high of 4.45 million children living in poverty in the UK.

Evening Standard

Labour vows to ‘give every child a good start in life’ with child poverty strategy – but critics warn it’s not enough

While Sir Keir Starmer said tackling poverty is a ‘moral mission’ for him, campaigners have expressed concern the strategy lacks ambition

The Independent UK

The Liz Truss Show: Former PM claims she will confront ‘deep state that tried to destroy me’ in new programme

Ex-Tory leader says she wants to spark ‘Trump-style counter-revolution’ to defend Western values

The Independent UK

Budget worries saw savers sell-down equities at record rate

Data from global funds network Calastone shows £6.7 billion was pulled in the two months leading up to the Chancellor’s fiscal statement.

The Independent UK

Will your house be a 'mansion' by 2028? The London areas on the cusp of mansion tax threshold

Selling a home in the London villages where homes are approaching £2m just got harder with Labour’s mansion tax

Evening Standard

The one thing super-successful entrepreneurs do after a big-money sale is....

Roy Shaby sold his first business to Uber’s founder Travis Kalanick - here he tells how he’s scaling his second start-up differently, while there’s a chance to tell the Government your views on tax support for entrepreneurs

Evening Standard

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The Independent UK

Hunt launched for sources of pre-Budget leaks after Reeves criticism

The leaks culminated in the unprecedented early publication of the Office for Budget Responsibility’s economic and fiscal outlook

Evening Standard

Buoyant miners fail to fire lacklustre FTSE 100

Miners led the way in London on rising metals prices, with copper showing particular strength.

The Independent UK

Reeves accused of forcing OBR chief to quit after watchdog revealed truth about Budget black hole

Tory leader Kemi Badenoch led the accusation about Richard Hughes, the former chair of the Office for Budget Responsibility

The Independent UK

Watch in full: Starmer faces Budget grilling at PMQs

Watch as Sir Keir Starmer faces a grilling over the Budget at Prime Minister's Questions on Wednesday (3 December).

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The Independent UK

Labour MP Markus Campbell-Savours suspended after rebelling against Reeves’s tractor tax

Dozens of Labour MPs abstained from the vote in a fresh blow to Rachel Reeves

Evening Standard

Households ‘have been shoring up cash Isas amid uncertain economic backdrop’

The Government announced in the Budget that the annual adult cash Isa subscription limit will be reduced to £12,000 from April 2027.

Evening Standard

Rate of business closures in the UK falls to lowest level since 2016

Data from the Office for National Statistics reveals around 280,000 businesses across the UK closed in 2024, down from 310,000 in 2023.

The Independent UK

Government urged to review farming inheritance tax plans after Commons vote

Backbenchers argued the measure failed to tackle "abuse by the celebrities and the billionaires" who buy farmland to avoid paying a full inheritance tax bill

The Independent UK

The jury is still out on David Lammy’s ‘swift court’ reforms

THE INDEPENDENT VIEW: Editorial: The lord chancellor is right to adopt urgent measures to tackle a court backlog that is ruining lives and depriving so many of justice – but even if it takes years, the general presumption of a basic right to trial by jury must be restored

The Independent UK

Labour warned of fresh economic hit as Brexit accelerates high-skilled ‘brain drain’ from UK

‘None’ of the Labour chancellor’s measures will ‘have a material effect’ on growth, Richard Hughes, the chair of the OBR, has said

Evening Standard

Budget crisis engulfs Rachel Reeves as OBR watchdog slams Treasury briefings

The leading economists also predict that interest rates will fall from 4% to 3.5% by the second quarter of 2026

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