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The Latest Breaking News from Office for Budget Responsibility

Further tax hikes likely in autumn despite spending cuts, say economists

It came as the Government’s official forecaster cautioned that there was a ‘significant risk’ around meeting fiscal rules.

The Independent UK

Workers’ rights plans could have ‘negative’ impact, watchdog suggests

The Office for Budget Responsibility said regulations which ‘affect the flexibility of businesses and labour markets’ can have undesirable effects.

Evening Standard

Inflation to rise to 3.2% for 2025 as growth forecast slashed – OBR

The Office for Budget Responsibility (OBR) said on Wednesday that it expects UK gross domestic product (GDP) to rise by 1% in 2025.

Evening Standard

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Inflation to rise to 3.2% for 2025 as OBR slashes growth forecast

The Government’s official forecaster has also warned that interest rates are set to stay higher for longer

The Independent UK

Economic growth forecast halved as Reeves blames global instability

Chancellor Rachel Reeves was forced to set out further cuts in public spending after the Office for Budget Responsibility’s verdict.

Evening Standard

Minister declines to rule out possibility of new taxes

The Chancellor will deliver a statement on March 26 in response to the latest forecasts from the Office for Budget Responsibility watchdog.

Evening Standard

Fact check: Government plans will see defence spending hit 2.5% of GDP

It is unclear what the Prime Minister is using to claim that the increase would be £13.4 billion per year.

Evening Standard

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Treasury denies breaking law over ‘black hole’ in public finances

The way information is provided to the Office for Budget Responsibility is being changed following issues in March.

The Independent UK

Treasury denies breaking law over 'black hole' in public finances

The way information is provided to the Office for Budget Responsibility is being changed following issues in March

Evening Standard

OBR error cut £18bn of headroom from Rachel Reeves’ Budget

The error may have contributed to the market jitters that were seen in the wake of the Budget

The Independent UK

We’ve all got Liz Truss PTSD, says minister as he defends market reaction to Budget

Treasury minister says situation after Truss’ mini-Budget ‘completely different in contrast to now’

The Independent UK

UK still suffering from trauma of Liz Truss, says Treasury minister

Darren Jones says ‘we’ve all got PTSD’ from Truss’s 2022 mini-budget, amid market jitters after this week’s budget

The Guardian - UK

Jittery markets hold their nerve on Budget £32b borrowing as minister reassures: We've all got PTSD from Truss

Chief Secretary to the Treasury Darren said on borrowing the Government does not ‘think that we are pushing it to the limit’

Evening Standard

Lower pay rises likely due to Budget tax increases, Rachel Reeves admits

The Chancellor acknowledged her decision to raise national insurance contributions for employers could affect wage growth for workers.

The Independent UK

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Evening Standard

Millions of workers to see £600 pay rise hit from National Insurance hike on businesses, says Budget watchdog

The Office for Budget Responsibility stressed three quarters of the rise in National Insurance on employers would ultimately feed through into lower wage increases for employees

Evening Standard

UK economic growth upgraded this year amid ‘temporary boost’ from spending

The Office for Budget Responsibility has predicted that UK gross domestic product will grow by 1.1% in 2024.

Evening Standard

Taxes, borrowing and spending up in Rachel Reeves’ first Budget

Chancellor Rachel Reeves said she was ‘fixing the foundations of our economy’ but taxes will rise to their highest levels since the Second World War.

The Independent UK

Hunt accused of trying to ‘blame the referee’ over OBR ‘black hole’ review

Tory former chancellor Jeremy Hunt has written to the UK’s top civil servant about an Office for Budget Responsibility review of his spending plans.

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The Independent UK

Rachel Reeves watering down non-dom tax changes would be ‘sensible and pragmatic’, tax experts say

The chancellor is considering rowing back on Labour’s manifesto promise to scrap concessions

The Guardian - UK

UK housebuilding slump eases; Treasury to regulate ESG ratings – as it happened

Rolling coverage of the latest economic and financial news

Evening Standard

When is the autumn statement 2023? Inheritance tax expected to be cut

Unlike his predecessor, the chancellor will be presenting an Office for Budget Responsibility forecast alongside the statement

Evening Standard

Jeremy Hunt rakes in £40 billion more in income tax and NI as stealth taxes hit millions of workers, experts say

The Chancellor faces calls to cut taxes as Government annual borrowing was £13.2 billion lower than the Office for Budget Responsibility forecast last month

Evening Standard

Jeremy Hunt could ‘spare’ millions of households £500 hike in energy bills in April, say leading economists

Jeremy Hunt could spare millions of households a £500 hike in their energy bill in April given the surprise short-term boost to the public finances, leading economists said on Tuesday.

The Guardian - UK

The return of Fawlty Towers can’t rival the Truss comeback farce

The former prime minister’s lack of self-awareness would be comedy gold if her prose weren’t so desperately dull

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

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