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The Latest Breaking News from OBR

Five charts that will shape Jeremy Hunt’s budget

From cooling inflation to easing staff shortages, we look at the factors behind the chancellor’s spending choices

The Guardian - UK

Officials 'must count cost' of climate change inaction to prevent 'drastic' debt rise

Ahead of the Budget, Pat McFadden, Labour’s Shadow Chief Secretary to the Treasury has called for officials to routinely publish data on the financial impact of failing to take action to hit net zero targets

Daily Mirror

Londoners face tax ‘hammer blow’ from stealth raid

Nearly a million workers in London and the South-East are facing a tax “hammer blow” as more people are sucked into paying the higher rate of tax.

Evening Standard

From analysis to the latest developments in health,
read the most diverse news in one place.

When is the Spring Budget and what can you expect to be announced?

The Spring Budget will have a direct effect on the UK's economy

Manchester Evening News

The Rolls-Royce politician gearing Labour up for power

Why Labour’s ‘RR’, Rachel Reeves, and her classy economic model are winning over big business, by Simon Walters

The Independent UK

How legitimate are the claims in Liz Truss’s 4,000-word Telegraph essay?

The Guardian’s deputy political editor and economics correspondent take a look

The Guardian - UK

The awkward truth is that Liz Truss isn’t wrong about everything

It is a truth acknowledged by everyone who is not Liz Truss that her defence of a firefly era as prime minister has more flaws than selling points. Her essay in the Sunday Telegraph and a spirited interview by Spectator editors last night yield the conclusion that Truss blames systemic…

Evening Standard

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Dimmer than she appears or totally dishonest? Liz Truss may be both

The former PM’s Spectator interview underlined that she is the ultimate survivor of her own financial destruction

The Guardian - UK

Truss admits plan to scrap 45p top income tax rate was ‘bridge too far’

The former prime minister continued to defend her failed bid to boost growth in her first interview since stepping down.

The Independent UK

Liz Truss launches comeback after disastrous premiership claiming failed policies were right

UK’s shortest-serving prime minister has written 4,000 word essay that continues to defend catastrophic economic policy

The Independent UK

When is Budget Day 2023? What to expect from Jeremy Hunt’s statement

The Chancellor set out his plans amid a soaring cost of living crisis

Evening Standard

Drop in UK growth forecast limits chancellor’s budget wriggle room

OBR tells Jeremy Hunt he will have £9bn less income to factor amid falling tax receiptstax receipts

The Guardian - UK

UK will be 15 years late in hitting £1tn annual export target, figures show

Exclusive: Forecasts predict exports will fall to £707bn next year and target will not be reached until 2035

The Guardian - UK

Ten things that could cost more this year - from passports and council tax to beer and petrol

The cost of living crisis is being driven by soaring prices on a variety of goods

Manchester Evening News

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news in one place.

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The Guardian - UK

Sunak strives to be reassuring but is five-point plan all sleight of hand?

PM plans a ‘no tricks’ reset but with an inflation fall already expected this is more about hanging on at an election

Daily Mirror

Britain faces the worst recession among G7 partners, economists predict

A bleak survey of over 100 leading UK-based economists suggests high inflation could linger for longer than other countries as Brits face a huge squeeze in household incomes

The Guardian - UK

Freeze on alcohol duty to be extended to help UK hospitality industry

No increases until August 2023 despite Jeremy Hunt’s first full budget being scheduled for 15 March

Wales Online

Chancellor Jeremy Hunt confirms spring Budget date

Office for Budget Responsibility asked to prepare a forecast

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Daily Mirror

Spring Budget date announced as Jeremy Hunt to give statement on March 15

Chancellor Jeremy Hunt will give his Spring Budget on March 15, spelling out further the direction for the economy after he spelt out years of spending cuts in his Autumn Statement

The National (Scotland)

Scotland loses out on £3bn a year due to Westminster failure on tax dodgers, SNP say

MSPs were told last week that around £35bn a year is lost due to tax avoidance in the UK. The SNP calculated this works out at just under £3bn for…

The Independent UK

Rishi Sunak’s £150bn ‘stealth tax raid’ will cost families £5,000 each

Exclusive: Labour analysis of OBR forecasts reveals staggering cost of tax squeeze until 2028

The Conversation

Three charts that explain why falling living standards could deepen the UK's north-south divide

Living standards are set to fall by 7% in the UK over the next two years, according to the Office for Budget Responsibility (OBR) – the government’s independent economic forecaster – but some areas will be hit harder than others.

The Independent UK

Halfords boss warns move to tax electric motors could hold back switch from fuel

Chief executive Graham Stapleton said the Chancellor’s decision to impose road tax on electric vehicles from 2025 was ‘disappointing’.

The Independent UK

Chancellor rubbishes his own advisers and denies Brexit ‘will make us poorer’

Asked about feared 4% GDP slump, Jeremy Hunt says he doesn’t accept ’all’ OBR forecasts – adding ‘I accept all the ones I agree with’

The Independent UK

2023 will be a very difficult year, OBR member warns MPs

David Miles said the impact of rising interest rates and inflation will cause pressure next year but they are predicted to turn a corner in 2024.

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