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The Latest Breaking News from Office for Budget Responsibility

OBR chief Richard Hughes resigns amid growing chaos over Budget as PM defends Chancellor

Treasury minister James Murray told the Commons that the Government backs a ‘deeper forensic investigation’ into previous Office for Budget Responsibility (OBR) disclosures

Evening Standard

Taxes hiked to ‘all-time high’ by Reeves as growth forecasts cut

More than 1.7 million people will face paying more income tax under the Chancellor’s plans.

Evening Standard

£2,000 cap for salary-sacrificed pension contributions – OBR

The policy would raise an estimated £4.7 billion in 2029/30 and £2.6 billion in 2030/31, an Office for Budget Responsibility document said.

Evening Standard

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Budget 2025: Key points on Reeves tax, pensions and benefits plan after details leaked in shock blunder

The Chancellor told the Commons how she is launching a £26 billion tax raid as she unveiled some giveaways to tackle the cost-of-living crisis

Evening Standard

Budget 2025: key points at a glance

Rachel Reeves has announced her financial update – here are the main points, with political analysis

The Guardian - UK

Public finances on ‘unsustainable’ path due to spending promises, says OBR

Richard Hughes told a briefing in Liverpool that the projected rise in state pension spending would contributed to growing UK national debt.

Evening Standard

UK public finances on ‘unsustainable’ path amid growing climate, debt and pension costs

Office for Budget Responsibility warns national debt on course to hit 270% of GDP by 2070 amid volatility

The Guardian - UK

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UK finances in ‘vulnerable’ position after reversed spending cuts, says OBR

The Office for Budget Responsibility said the state finances were facing ‘mounting risks’ in the face of growing debts.

Evening Standard

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 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

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

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

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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.

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

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

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

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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 Guardian - 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

Evening Standard

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’

The Independent UK

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.

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.

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