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The Latest Breaking News from OBR

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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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

The Guardian - UK

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

Daily Mirror

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

The Guardian - UK

Chancellor Jeremy Hunt confirms spring Budget date

Office for Budget Responsibility asked to prepare a forecast

Wales Online

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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

Daily Mirror

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 National (Scotland)

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 Independent UK

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 Conversation

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.

The Independent UK

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Evening Standard

Economists warn of yet more tax rises to come as October borrowing hits £13.5bn

Chancellor of the Exchequer Jeremy Hunt has hit back at Tory critics of his £24 billion of tax rises (PA)

The Guardian - UK

UK to be second weakest performer of world’s big economies next year – OECD

Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The Independent UK

Government borrowing hits £13.5bn as energy bill support schemes begin

ONS estimates spending for October included around £3 billion on cost of energy support schemes

The Guardian - UK

What on earth is going on with the massive Bulb bailout?

£4.6bn is an eye-watering amount for consumers to stump up – transparency from the government is long overdue

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The Conversation

Autumn statement is highly political compared to research on 'best' ways to fix public finances

The UK faces some significant belt-tightening following Chancellor Jeremy Hunt’s autumn statement, which announced spending reductions and tax rises of around £55 billion. Much research has been done into the best ways to do fiscal austerity in terms of reducing debt, avoiding economic damage and not exacerbating inequality. So how…

Birmingham Post

Warning issued to investors in Boohoo, Next, M&S and ASOS

The OBR's forecast of a 7% drop in living standards is to 'stretch the period of risk to retailers'

The Guardian - UK

Did Jeremy Hunt’s budget rescue the Tories – or is the game up?

In the shadow of the Truss debacle and with hard times ahead, the chancellor faced a ‘politically impossible’ job, according to a former Tory minister. But the party’s morale is at rock bottom

The Guardian - UK

How Britain’s economic woes stack up against Europe’s – a close look at the figures

The UK’s money troubles spread from inflation and higher interest rates to sluggish productivity. But how do we compare with our European neighbours?

Chronicle Live

Petrol could go up 12p a litre in spring fuel hike Jeremy Hunt didn't mention

Budget watchdog warns of 23% increase in pump costs in March if the Government doesn't step in to keep fuel duty frozen

Wales Online

Warning that petrol and diesel will rise by '12p a litre in March'

The Chancellor has been warned not to go ahead with any rise in fuel duty, but he's said today there has been no decision made and it is not Government policy

Daily Mirror

Jeremy Hunt admits Boris Johnson's Brexit deal led to damaging trade barriers

The Chancellor, who yesterday unveiled an Autumn Statement which experts warn will inflict years of pain on millions of Brits, said it will "take time" to remove barriers affecting trade with the EU

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